THE Panama Canal extension will be finished by early 2016, not December 2015 as planned.
Strikes preceding the country’s general elections delayed work and the later date was agreed by Panamanian president Juan Carlos Varela and Sacyr’s Manuel Manrique. The industrial action was an external factor, explained Sacyr which heads GUPC, the consortium.
Relations between Sacyr and Panama are “magnificent,” Manrique insisted, despite disputes regarding funding and $1.6 billion (€1.2 billion) cost overruns earlier this year.
The consortium and the Panama Canal Authority have now deposited the $100 million (€77 million) each promised last February to ease cash flow and will raise a further $400 million (€310 million).