The Government of Panama expects to invest an enormous sum of money from its steadily-growing economy back into the country in the form of infrastructure projects. The government has set aside $15-$20 billion over the next five years for several projects including expansion and modernization of the world-famous Panama Canal. The three largest infrastructure projects currently underway are the expansion of the Panama Canal, the Panama Metro Line, and The Public Road Works Project.
The Panama Canal
According to the official website of the Panama Canal, the current expansion project underway is the largest of its kind since the Canal was built. There will be a new traffic lane and a new set of locks that could double the traffic that could flow through the waterway. A vessel navigating the canal will now be able to carry 13,000 units versus a previous maximum of 5,000 TEU’s. The Government is planning that the doubling of capacity on the canal will have a tremendous positive impact on the local economies as well as boost international maritime trade. When completed, it is estimated that some $5.2 billion will have been spent on the renovations.
Panama Metro Railway Project
Construction is underway on Central America first rapid transit system, the Panama Metro Railway in Panama City, Panama, a $2.2 billion project. On October of 2015, construction started on a second line of the railway after having completed the first line on time and on budget. The first line consists of 12 station stops from Albrook to Los Andes. When completed the railway expects to carry 15,000 to 45,000 people per hour making it significantly easier to get from place to place.
The Panama Road Works Project
The Panama Road Works will connect the communities of Las Pipas. Llano Arriba, La Pitaloza and La Mesa. The work will begin in January 2016 and run for approximately two years. Other related projects getting underway in 2016 will be the $43 million “Pave Your City” road project, and the $100 million “Urban Improvement” project. In total, some $1.1 billion is being invested in the construction, expansion and modernization of Panama’s roadway systems.
Whether you represent a business, are an investor, or merely a tourist visiting this great country, Panama’s government has shown a commitment in enhancing the country attractiveness through investment in it’s waterway, railways, and highways. An already great place to do business, invest and visit is getting even better.