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Panama Government Funds Canal
Expansion
The Panamanian Council of
Ministers has endorsed the first
us$120 million dollars for the
enlargement of the Panama Canal
next year, Presidential Minister
Ubaldino Real informed on
Thursday.
"As a historic fact, we have
approved the first funds for the
enlargement of the Canal," said
Real, adding that the money was
obtained through an
extraordinary loan.
October 22 Panamanians approved
a referendum for the
construction of a third set of
locks in the canal, a project
that will cost 5.25 billion
dollars.
Nearly 78 percent of voters
supported the plan, against the
22 percent who rejected the
Panama Canal Authority s
proposal.
The project includes building
two lock complexes, one in the
Atlantic Ocean and the other in
the Pacific, each with three
levels.
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