Fiscal Reforms for the Next Government …and the Canal Expansion Project is on Again…

PANAMA - Report 28 Feb 2014 by Marco Fernandez and Guillermo Chapman
ACP announced that it had just reached a “conceptual agreement” with GUPC, the main contractor for the Panama Canal expansion project. The key elements of this new accord released on February 28th (for which the final wording is still pending) include five main conditions. The first one (important for the economy and for the financial markets) is that the project will be completed by December 2015. In order to accomplish this, the 12 lock gates still in Italy, must be in the project site before the end of 2014. A third issue is that the $400 million performance bond from Zurich Insurance wi...

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