Panama Canal Revamp Creates Jobs

Thursday, October 25 2007 @ 08:43 PM UTC

Contributed by: Don Winner

Panama, Oct 22 (Prensa Latina) The enlargement of the Panama Canal must generate some 42,000 jobs, according to official statistics, although only 300 employments have been created so far. A report published in the newspaper La Prensa says that according to estimates by the administrating authority, four or five indirect jobs will be created per every direct employment. The study adds that more than 1,500 jobs will be created in 2007 and 2007 to enlarge the Panama Canal. The first 300 new jobs are dry excavation contracts started by the firm Constructora Urbana S.A. on September 3. A year after the enlargement works were approved in a popular referendum, Canal Administrator Alberto Aleman is satisfied with results. The Panama Canal Authority (ACP) is weighing the possibility to seek investment to finance the works on the local market. ACP Deputy Administrator Jose Barrios said 250-dollar bonds might be issued through the Stock Market, so that they cannot be hoarded by a single company. Construction of a third wider and deeper lock in the Panama Canal will cost 5.25 billion dollars, so it will be a great business for the international banking sector.

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