This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/world/americas/6976081.stm
The article has changed 4 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Panama set to begin $5bn project | Panama set to begin $5bn project |
(about 6 hours later) | |
Panama has started work on a $5bn (£2.4bn) building project to widen the Panama Canal to increase its capacity. | |
The project, which was officially unveiled on Monday, involves adding a third set of locks that will enable modern ships to use the canal. | |
Many tankers are now too large for the 50-mile (80km) route and supporters say the modernisation is vital to maintain trade and increase jobs. | |
Panama residents overwhelmingly backed the plan in a referendum held in 2006. | Panama residents overwhelmingly backed the plan in a referendum held in 2006. |
'Exceptional act' | |
But opponents have attacked the project, due to be completed by 2014, arguing that it will damage the environment and widen the gap between rich and poor. | |
It is estimated that, in volume terms, around 5% of the world's trade passes through the Panama Canal. | It is estimated that, in volume terms, around 5% of the world's trade passes through the Panama Canal. |
The government has said the scheme will be financed by raising tolls on the waterway as well as through foreign credit. | The government has said the scheme will be financed by raising tolls on the waterway as well as through foreign credit. |
Panamanian President Martin Torrijos launched the project before a crowd of leading businessmen and foreign dignitaries. | |
"We are witnesses to an exceptional and unique act," he said. | |
The US ceded control of the canal, which it built in the early 20th Century, in 1999. | |
Former US President Jimmy Carter, who signed an agreement in 1977 paving the way for Panama to take control of the waterway, said he was "proud" of the expansion plans. |