“Our interest in this project demonstrates our confidence in the economic transformation that you (President Torrijos) have been leading during your administration,” said Moreno.
Moreno emphasised that Panama’s impressive economic growth and performance had made it possible to undertake the historic expansion project. He also highlighted the sound financial management and the technical quality of the Expansion Programme, which involves the construction of a new traffic lane along the Canal via a new set of locks. September 3, 2008 marked the first anniversary of the groundbreaking for the project.
Recently, the Panama Canal Authority (ACP) received its first-ever investment grade rating. Moody’s Investors Services, one of the world’s top credit rating agencies, gave the ACP an A1 investment grade as a government-related issuer, and a prospective A2 for the possible US$2.3bn financing for the expansion project, thus reaffirming Panama’s growing presence in the global marketplace.