Agreement signed a Panama. The consortium Gupc, which includes Salini Impregilo, the Spanish Sacyr and the Belgian Jan de Nul, signed an agreement with theauthority of the Central American country for continue the work of the new canal, one of the largest civil engineering projects of the last decade. Zurich's subscription should also arrive today.
The operations, currently 70% completed, should end in December 2015. The agreement also defines the terms of the co-financing of the works, which "the consortium has always considered the best way to complete the project in the shortest time and in the most efficient way possible", reads a note from Gupc (Grupo Unidos por the Channel).
The Canal Authority and the consortium are committed to investing $100 million each to allow the normal pace of work to be achieved. The moratorium on the repayment of advance payments from ACP could be extended until 2018, provided that certain milestones of the project are met. As for the $400 million performance bond, it can be released by Zurich to obtain additional financing to complete the work.
The remaining 12 locks under construction in Italy will have to arrive in Panama by December 2014, with progressive transport and deliveries. Finally, with regard to complaints relating to unexpected costs, they will be resolved within the framework of the arbitration mechanisms provided for in the contract.
About an hour after the start of trading, the Salini Impregilo share on the Stock Exchange gained one percentage point.
