Grupo Unidos porel Canal (Gupc), the consortium of large international construction companies made up of Salini Impregilo, Sacyr and Jan de Nul, announces that it has reached a conceptual agreement with the Panama Canal Authority (Acp) for the co-financing and completion of the third set of locks project for the expansion of the Canal.
The agreement, which falls within the scope of the Panamanian contract and law as the Gupc has always remarked during the negotiation process, was reached last night and will be ratified shortly after the review of the documents, already underway, and the signature of both sides, expected in the coming days.
Thanks to the agreement, the project will be completed in December 2015, while the transport and delivery of the 'Gates' from Italy to Panama will take place by December 2014.
The completion of the project was made possible through the 400 million dollar funding allocated by Zurich, the further injection of funds by the Gupc and the Acp for 100 million dollars each (which will allow the normal pace of work to be reached at starting from March) and the moratorium until 2018 on the repayment of the loans obtained from ACP during the works.
By mid-morning, the Salini Impregilo share on the Stock Exchange gained 1,84%.
