Agence France-PresseFebruary 28, 2014 16:19
A row over $1.6 billion in cost overruns on construction to widen the Panama Canal has been resolved, the parties said Friday, ensuring completion of the massive project.
The Panama Canal Authority and the consortium "Grupo Unidos por el Canal" (GUPC) announced "a final agreement in principle" after intense talks to resolve a two-month-long standoff.
"The plan here is that we would enter into commercial operations in January 2016," said Jorge Quijano, the canal administrator. Under the original schedule, the canal expansion was supposed to have been ready this year.