Panama Canal Consortium Ordered to Repay USD 847M in Advances
An international arbitration panel has ruled the Spanish-led consortium that built the expansion of the Panama Canal must repay USD 847 million in advances it received during the construction project.
Panama City, Dec 14 (AP) An international arbitration panel has ruled the Spanish-led consortium that built the expansion of the Panama Canal must repay USD 847 million in advances it received during the construction project.
A panel under the International Chamber of Commerce says the consortium must repay USD 547 million it got in 2009 when the project started and USD 299 million it got in 2014 when contractors were floundering.
Spanish consortium leader Sacyr says it has signed a 225 million-euro credit line that will allow it to make its share of the repayments.
The USD 5.25 billion canal expansion opened in 2016.
It is able to accommodate ships with twice the cargo capability of vessels that previously traversed the canal.
The consortium also included Italy's Salini-Impregilo, Belgium's Jan De Nul Group and Panama's Constructora Urbana SA.(AP)
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