Canal Authority issues proposal to break Panama deadlock
The contribution would allow the construction work to continue while the claims are resolved under the mechanisms established within the contract.
ACP has proposed to advance US$100m to GUPC to allow the contractor to tend to its pending obligations. The contractor must agree these funds through a letter of credit. In addition, ACP is willing to extend the moratorium for the repayment of US$83m in advances by GUPC for two months, leaving that money free for capital injection.
However, for this to happen GUPC must commit to an equal contribution of US$100m.
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