Built in the 1800s, the Panama Canal is a ship canal constructed to improve maritime trade. It bridges the Pacific and Atlantic oceans in order to shorten the distance cargo ships need travel. While this is typically a good thing for business, it may now be getting better as a new project aimed at expanding the canal has been proposed by the Panama Canal Authority.
The project goes by the name of the Third Set of Locks Project. This name is related to one of its goals, which is to construct lock complexes at both the Atlantic and Pacific ends of the canal. These lock systems are aimed at resolving the water preservation issues which have come up in the past with the canal's continued use. The Panama Canal Authority also aims to not only construct additional access channels to the canal but widen those that already exist. These channels will all also had their depth increased when the project has finished.
The work of expanding the canal is classified as a mega project. This means its construction and completion could deeply impact both nearby communities as well as the environment. Not only that, but it is also expected to cost more than one billion US dollars. A great deal of public attention has been drawn to the project as a result of its scope.
Work on the project commenced as of September 2007, with a completion date set sometime in the year 2015. As already mentioned there has been significant publicity and talk as a result, with a fair amount of it being positive. The project does indeed have many potential benefits not only to those who use the canal but to the country of Panama itself. For one, it is anticipated that the project will pay for itself in due time and then begin providing its investors with a substantial rate of return.
Along with its profitability, the canal expansion project is expected to reduce poverty within Panama. This will be a result of the need for labor of all kinds being necessary in order to complete the project. Some have claimed that the reduction will be as high as 30%. Of course it is also believed that improving the channels and traffic capacity of the canal will bring in higher revenues from tolls.
The improved cargo capacity of the canal could also mean an increase in profits for those involved in maritime trade. This profit margin could very well affect the country again as well as more and larger cargo ships move through its waters. As mentioned before, however, this image of a parade of cargo ships has also spurred environmental concerns.
Those spearheading the project believe that the expansion will not do any significant or lasting damage to the environment. The areas in which the expansion is proposed to take place are currently controlled by the Panama Canal Authority itself. This means that it is their own buildings or work areas which will be affected, which suggests that no communities will need to be moved or harmed. It is also a point of the project to mitigate the expansion's environmental impact by installing the lock system mentioned before.
As stated previously it is expected that this project will be concluded by the year 2015. With its completion it is expected that there will be new prosperity within the country of Panama. Time will tell and many will be watching this project closely. - 39815
The project goes by the name of the Third Set of Locks Project. This name is related to one of its goals, which is to construct lock complexes at both the Atlantic and Pacific ends of the canal. These lock systems are aimed at resolving the water preservation issues which have come up in the past with the canal's continued use. The Panama Canal Authority also aims to not only construct additional access channels to the canal but widen those that already exist. These channels will all also had their depth increased when the project has finished.
The work of expanding the canal is classified as a mega project. This means its construction and completion could deeply impact both nearby communities as well as the environment. Not only that, but it is also expected to cost more than one billion US dollars. A great deal of public attention has been drawn to the project as a result of its scope.
Work on the project commenced as of September 2007, with a completion date set sometime in the year 2015. As already mentioned there has been significant publicity and talk as a result, with a fair amount of it being positive. The project does indeed have many potential benefits not only to those who use the canal but to the country of Panama itself. For one, it is anticipated that the project will pay for itself in due time and then begin providing its investors with a substantial rate of return.
Along with its profitability, the canal expansion project is expected to reduce poverty within Panama. This will be a result of the need for labor of all kinds being necessary in order to complete the project. Some have claimed that the reduction will be as high as 30%. Of course it is also believed that improving the channels and traffic capacity of the canal will bring in higher revenues from tolls.
The improved cargo capacity of the canal could also mean an increase in profits for those involved in maritime trade. This profit margin could very well affect the country again as well as more and larger cargo ships move through its waters. As mentioned before, however, this image of a parade of cargo ships has also spurred environmental concerns.
Those spearheading the project believe that the expansion will not do any significant or lasting damage to the environment. The areas in which the expansion is proposed to take place are currently controlled by the Panama Canal Authority itself. This means that it is their own buildings or work areas which will be affected, which suggests that no communities will need to be moved or harmed. It is also a point of the project to mitigate the expansion's environmental impact by installing the lock system mentioned before.
As stated previously it is expected that this project will be concluded by the year 2015. With its completion it is expected that there will be new prosperity within the country of Panama. Time will tell and many will be watching this project closely. - 39815
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