EU mediation

In-depth: Panama Canal and Sacyr discuss new financing proposal

 

MADRID| By Julia Pastor| Far from resolving the strife over additional costs to finalise Panama Canal’s third set of locks, actors involved are apparently working on different positions.  Spanish company Sacyr, which leads the consortium undertaking the expansion bet on an agreement since the beginning, but the Panama Canal Authority has not smoothed the path, even rejecting EU’ mediation. Last Sacyr’s offer considers to cofinance the project. PCA’s  answer has been a different proposal for using the infrastructure’s insurance as a guarantee to get external financing and terminate the works. The deal remains blocked then.