The Panama Canal, was built by the United States in the year between 1904 and 1914 and was managed by Washington till 31st Dec 1999. The Torrijos-Carter Treaty took effect on the same day, which had been signed in the year 1977. 6% of the universal shipping trade was taking place through this Panama Canal.
The Panama Canal Authority, or ACP, said that the upkeeps to a wall in the southern section of the MiraFlores lock that collapsed is moving ahead at a steady pace, but will take at least five weeks to complete.
“All the canal’s operations are continuing in an absolutely normal way. It is estimated that the first phase of the work will be completed in four or five weeks,” the ACP said. A number of experts studied on the lock and was of the conclusion that it is “solid, secure and stable,” the ACP said.
“That wall is not part of the basic structure of the lock; it was originally built as a containing wall to hold back earth from the original slopes along the banks,” the ACP said.
The canal’s first enlargement inaugural ceremony, is to be held on June 26th for which, the works began in 2007 at an initial cost of $5.25 billion and will handle thrice the more freight to pass through the canal than at present.
The construction for the expansion of the route is by an international consortium led by Spain’s Sacyr Company, will be inaugurated with a ceremony to which heads of state and government from all over the world are invited, as well as representatives of the principal shipping lines.
Source: The Panama News
