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Congress approves US$2.11bn for ACP 2011 budget (Panama)
2010-08-23
Panama's congress has approved US$2.11bn for the Panama Canal Authority's (ACP) 2011 budget, the entity reported on its website.

 

Of the total amount, US$839mn will be provided by the national government.

 

Authorities estimate that in 2011 some 14,286 ships will use the Panama Canal with an average of 34.9 transits a day. This is expected to generate income of some US$1.61bn.

 

EXPANSION

 

During 2011, ACP will invest some US$136mn in works included in the Panama Canal's US$5.25bn expansion program, which is expected to finish by 2014.

 

Some US$13.6mn will be invested in building the new set of locks to allow larger and wider vessels to pass. In addition, US$64.6mn will be used for dredging works to improve navigation.

 

ACP's 2011 fiscal year will run from October 1, 2010 to September 30, 2011.


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