The Inter-American Development Bank (IDB) has announced that it is considering a US$400 million loan to help finance the expansion of the Panama Canal.
"Our interest in this project demonstrates our confidence in the economic transformation that you (President Torrijos) have been leading during your administration," said Luis Alberto Moreno, president of the IDB at a breakfast forum with President Martin Torrijos of Panama.
CEO of the Panama Canal Authority, (ACP) Alberto Aleman Zubieta said: "Determining the financing structure for the Canal's expansion is a critical part of the process, and we appreciate all of the interest received thus far."
Expansion works require the building of a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic and longer, wider ships, said a statement issued on behalf of the ACP.
Recently, credit rating agency Moody's Investors Services gave the ACP an A1 as a government related issuer, and a prospective A2 investment grade for the possible $2.3 billion financing for the expansion project.
The ACP said it has been approaching financial institutions to secure financing for the waterway's expansion programme since mid-2007.
"Our interest in this project demonstrates our confidence in the economic transformation that you (President Torrijos) have been leading during your administration," said Luis Alberto Moreno, president of the IDB at a breakfast forum with President Martin Torrijos of Panama.
CEO of the Panama Canal Authority, (ACP) Alberto Aleman Zubieta said: "Determining the financing structure for the Canal's expansion is a critical part of the process, and we appreciate all of the interest received thus far."
Expansion works require the building of a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic and longer, wider ships, said a statement issued on behalf of the ACP.
Recently, credit rating agency Moody's Investors Services gave the ACP an A1 as a government related issuer, and a prospective A2 investment grade for the possible $2.3 billion financing for the expansion project.
The ACP said it has been approaching financial institutions to secure financing for the waterway's expansion programme since mid-2007.