The Panama Canal Authority (ACP) has submitted a new proposal to the consortium working on the inter-oceanic waterway’s third-locks project, which is currently stalled over a financial dispute.
In a brief statement, the ACP said the proposal would enable the resumption of the project, which is the centerpiece of a $5.25 billion canal expansion that is scheduled to be completed in 2015.
The ACP said its proposal does not increase the contracted price or amount to acceptance of the consortium’s claims but calls for both the canal authority and GUPC, in which Spanish builder Sacyr and Italy’s Impregilo each have 48 percent stakes, to contribute funds to restart the construction work.