Panama Canal Authority CEO travels world to raise awareness

PANAMA Canal Authority administrator and CEO Alberto Aleman Zubieta recently visited Seoul, London and Hong Kong, where he spoke to financial institutions and clients, among others, to provide an update on the canal's ongoing expansion programme.

Mr Aleman claims that the canal will earn US$1.7 billion in revenue for 2007.

Since July, the canal authority has been approaching the financial markets to determine the most viable way to finance its expansion programme. The process, which began in Panama, found its legs in New York, where the authority presented their plan to an audience of more than 100 representatives of financial institutions.

"We are pleased with the response that we have received thus far from the financial institutions. They understand that expansion is a financially sound, historic project and have expressed confidence in the plans we have laid out to accomplish it," said Mr Aleman.

Expansion will involve the building a new lane of traffic through the construction of a new set of locks, which will double capacity and enable the so-called post-Panamax vessels to finally use the canal.