The Panama Canal Will Expand By 2015
20 May
The Panama Canal is a ship canal which was built in order to join the Atlantic and Pacific oceans. Naturally its construction had a significant and positive impact on maritime trade, which was the primary reason behind its construction. Now there is a new project being proposed by the Panama Canal Authority which would expand traffic capacity of the Panama Canal.
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.
Having started in September 2007, it is expected that the project will be completed by 2015. This is likely a result of the many organizations and individuals that were in favor of it. This was likely due to the canal expansion’s potential benefits which would affect both the country itself and those who traverse it. For example, the project is supposed to pay for itself in time as well as bring a substantial return on investment.
Some other benefits expected to be brought about by the canal expansion include the reduction in poverty around the country. This is due to the expected rise in demand for work being done on and in relation to the expansion project. Some figures have put this reduction in poverty at around 30%. Naturally it is also expected that with improved channels and an additional lane of traffic there will be increases in toll revenues.
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.
The Panama Canal Authority has performed studies regarding the environmental impact of its project and claims that no significant damage will be done environmentally. The area in which the work will be done is already owned by the organization and no major community upheaval is necessary for its work to be done. It also states that the lock systems being installed are intended to mitigate the environmental impacts of the increase in usage of the canal.
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.
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