It isn’t often that project finance lawyers get to hear their work called “historic.” But when the deal involves the Panama Canal, that word gets thrown around a lot–and with good reason. So important has the 97-year-old canal been to global trade that the size of ships are described in relation to the canal’s capacity: “Panamax” ships fit through the canal’s locks; “post-Panamax” ships, like the new supercarriers from Asia, do not.
Hence the canal expansion plan of the Panama Canal Authority (ACP). On Tuesday, ACP came much closer to realizing its goal. In spite of the credit turmoil and a global recession, five major multinational agencies closed on a deal to provide the authority with $2.3 billion for the project; ACP is self-funding the rest of the $5.3 billion project.
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