d that the expansion plan is the result of over six years of in-depth studies and research.

Approximately 120 studies were conducted before the formal launching of the plan, all of which are enclosed in over 55,000 pages. However, Torrijos underlined that the final decision will be the sole

Martin Torrijos, President of Panama, formally announced the government’s intention to modernize the 92-year-old Panama Canal during a ceremony held at Panama City’s Atlapa Convention Center in late April.

The plan presented by the Panama Canal Authority (ACP) entails the construction of a third set of locks –a project expected to cost over 5.2 billion dollars.

The announcement, which attracted the attention of the world’s media, was delivered in presence of Torrijos’ cabinet, the Board of Directors of the Canal and Alberto Alem?n Zubieta, the administrator of the ACP.

"My desire is for future generations to acknowledge our ability to take advantage of this historic moment," said Torrijos.

Torrijos stated that the project’s cost will be shared by the users of the waterway (through rate increases) and assured the project would not entail the relocation of the small farming communities of the Canal’s basin nor the construction of additional lakes that would cause further environmental damage.

The son of General Omar Torrijos (who back in 1977 signed the treaties that would transfer the Canal from U.S. to Panamanian hands in the year 2000,) stated that the expansion plan is the result of over six years of in-depth studies and research.

Approximately 120 studies were conducted before the formal launching of the plan, all of which are enclosed in over 55,000 pages. However, Torrijos underlined that the final decision will be the sole

third set of locks –a project expected to cost over 5.2 billion dollars.

The announcement, which attracted the attention of the world’s media, was delivered in presence of Torrijos’ cabinet, the Board of Directors of the Canal and Alberto Alem?n Zubieta, the administrator of the ACP.

"My desire is for future generations to acknowledge our ability to take advantage of this historic moment," said Torrijos.

Torrijos stated that the project’s cost will be shared by the users of the waterway (through rate increases) and assured the project would not entail the relocation of the small farming communities of the Canal’s basin nor the construction of additional lakes that would cause further environmental damage.

The son of General Omar Torrijos (who back in 1977 signed the treaties that would transfer the Canal from U.S. to Panamanian hands in the year 2000,) stated that the expansion plan is the result of over six years of in-depth studies and research.

Approximately 120 studies were conducted before the formal launching of the plan, all of which are enclosed in over 55,000 pages. However, Torrijos underlined that the final decision will be the sole

My desire is for future generations to acknowledge our ability to take advantage of this historic moment," said Torrijos.

Torrijos stated that the project’s cost will be shared by the users of the waterway (through rate increases) and assured the project would not entail the relocation of the small farming communities of the Canal’s basin nor the construction of additional lakes that would cause further environmental damage.

The son of General Omar Torrijos (who back in 1977 signed the treaties that would transfer the Canal from U.S. to Panamanian hands in the year 2000,) stated that the expansion plan is the result of over six years of in-depth studies and research.

Approximately 120 studies were conducted before the formal launching of the plan, all of which are enclosed in over 55,000 pages. However, Torrijos underlined that the final decision will be the sole

e small farming communities of the Canal’s basin nor the construction of additional lakes that would cause further environmental damage.

The son of General Omar Torrijos (who back in 1977 signed the treaties that would transfer the Canal from U.S. to Panamanian hands in the year 2000,) stated that the expansion plan is the result of over six years of in-depth studies and research.

Approximately 120 studies were conducted before the formal launching of the plan, all of which are enclosed in over 55,000 pages. However, Torrijos underlined that the final decision will be the sole

d that the expansion plan is the result of over six years of in-depth studies and research.

Approximately 120 studies were conducted before the formal launching of the plan, all of which are enclosed in over 55,000 pages. However, Torrijos underlined that the final decision will be the sole responsibility of the Panamanian people through a referendum.

President Torrijos cited the extraordinary growth of international commerce, current trends in cargo movements through the waterway and the construction of larger ships (presenting larger dimensions than those allowed by the existing locks) as the major reasons for the expansion of the Canal.

"If we don’t take advantage of this opportunity now, other routes will soon appear to compete with ours," said Torrijos.

The Canal’s modernization project will take between 7 and 11 years to complete and it is expected to be the largest project conducted on Panamanian soil since the construction of the waterway over one hundred years ago.

According to recent polls, 70% of Panamanians approve the Canal’s expansion. Isthmians will be summoned to the polls for a nation-wide referendum on the project towards the end of the year.