Panama Canal needs USD 400 million cash injection

The Panama Canal dispute can only be solved if insurance company Zurich America injects USD 400 million into the project, says Panama Canal authority administrator Jorge Quijano at a meeting of the country's congress on Wednesday.

The escalating conflict between the Panama Canal and the Spanish-led building consortium responsible for the expansion was debated intensely yesterday, Wednesday, at a congressional hearing in the Panama parliament.

According to Spanish newspaper El País, the administrator of the Panama Canal authority, Jorge Quijano (photo) stated that the project is now so delayed that the expansion - which has been subject to a budget dispute between the two parties - cannot be launched before December 2015. As such, the administrator confirmed the estimates in recent weeks regarding the massive project, namely that the expansion had been postponed till "late 2015."

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