The Panama Canal is a ship canal which was built in order to join the Atlantic and Pacific oceans. Naturally its construction had a significant and positive impact on maritime trade, which was the primary reason behind its construction. Now there is a new project being proposed by the Panama Canal Authority which would expand traffic capacity of the Panama Canal.
The project goes by the name of the Third Set of Locks Project. This name is related to one of its goals, which is to construct lock complexes at both the Atlantic and Pacific ends of the canal. These lock systems are aimed at resolving the water preservation issues which have come up in the past with the canal’s continued use. The Panama Canal Authority also aims to not only construct additional access channels to the canal but widen those that already exist. These channels will all also had their depth increased when the project has finished.
The work of expanding the canal is classified as a mega project. This means its construction and completion could deeply impact both nearby communities as well as the environment. Not only that, but it is also expected to cost more than one billion US dollars. A great deal of public attention has been drawn to the project as a result of its scope.
Work on the project commenced as of September 2007, with a completion date set sometime in the year 2015. As already mentioned there has been significant publicity and talk as a result, with a fair amount of it being positive. The project does indeed have many potential benefits not only to those who use the canal but to the country of Panama itself. For one, it is anticipated that the project will pay for itself in due time and then begin providing its investors with a substantial rate of return.
Some other benefits expected to be brought about by the canal expansion include the reduction in poverty around the country. This is due to the expected rise in demand for work being done on and in relation to the expansion project. Some figures have put this reduction in poverty at around 30%. Naturally it is also expected that with improved channels and an additional lane of traffic there will be increases in toll revenues.
For those who have investments within the shipping industry as or trade that goes on throughout the canal this can mean big profits as well. The increase in capacity for cargo ships will likely make for more revenue. This increase in return can directly impact not only traders and businessmen but the country of Panama itself. With these propose financial benefits, however, there is still a question of the environmental effects of the canal expansion.
The Panama Canal Authority has claimed that there will be no major damage done environmentally by the project. Its working area is said to consist of operational and administrative areas already controlled by this organization. As such no communities would need to be moved by the project. Furthermore it is said that the lock system being installed would sufficiently mitigate any other environmental impact to the water of the canal.
As already mentioned the project is intended to have reached completion by 2015. This is expected to be a time signaling new prosperity within the country of Panama. Time will tell, and during its construction there will no doubt be many parties interested in seeing just what happens.
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