President José Raúl Mulino met with the Board of Directors and the administration of the Panama Canal Authority on Wednesday as part of ongoing dialogue and exchange of information between the national government and the interoceanic waterway.
The Panama Canal Authority presented investment plans and principal projects for the coming decade, projected at over B/. 8,500 million (approximately $8,500 million USD), aimed at strengthening the Canal’s competitiveness, sustainability and modernisation.
Key projects include a new energy corridor (gas pipeline), the development of port terminals on both Pacific and Atlantic coasts, a land logistic corridor, and creation of a lake in the Río Indio area.
The lake project, selected among 28 alternatives for its efficiency, low environmental impact and economic viability, is expected to secure water for more than 50% of the country’s population, supply surrounding communities, support Canal operations and maintain route reliability.
It is estimated to generate over 2,700 direct jobs, benefit more than 10,000 people, and involve an investment of approximately B/. 1,600 million (around $1,600 million USD).
The projects are planned under high environmental and social standards and are expected to generate thousands of jobs for Panamanians and revenues for social investments.
The meeting also included discussion of port and logistics development strategies on both banks of the Canal and details on the national economy.
The Panama Canal Authority (Autoridad del Canal de Panamá, ACP) is an autonomous legal entity of the Republic of Panama established by constitutional mandate in 1997. It operates independently of the executive branch and is tasked with managing, operating, maintaining, and improving the Panama Canal. It is governed by a Board of Directors appointed by the President and ratified by the National Assembly, and it is funded by revenues generated from canal operations without relying on the national budget.