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 is going by the name of the Third Set of Locks Project. Its purpose is to complete a pair of lock complexes at both the Atlantic and Pacific ends of the canal. The goal of having the locks constructed is to help with water preservation, which has been a concern of the canal's continued use. A second aim of the project is to build new access channels while widening those already present. Finally the project will increase the depth of the channels both new and old.
This expansion is what is called a mega project. Its impact could and likely will be very widespread and felt by nearby communities. Furthermore it is estimated to cost more than one billion US dollars and will likely get a lot of public attention due to its scale. The impact on the environment will also be something that will be taken into consideration.
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.
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.
This can also mean an increase in profits for those invested in the industry of trading which involves the canal. As the capacity for cargo ships is increased so should the profit margin for both Panama and those involved in the maritime trade industry. This only leaves the environmental impact as a possible concern for the project.
The Panama Canal Authority has claimed that there will be no major damage done environmentally by the project. Its working area is said to consist of operational and administrative areas already controlled by this organization. As such no communities would need to be moved by the project. Furthermore it is said that the lock system being installed would sufficiently mitigate any other environmental impact to the water of the canal.
Again, it is projected that the canal expansion will be finished in 2015. It is the hope of many that this expansion's completion will mark a time of renewed prosperity in the country of Panama. It will certainly be seen in time whether or not this happens, and many will be watching closely in the meantime.
The project is going by the name of the Third Set of Locks Project. Its purpose is to complete a pair of lock complexes at both the Atlantic and Pacific ends of the canal. The goal of having the locks constructed is to help with water preservation, which has been a concern of the canal's continued use. A second aim of the project is to build new access channels while widening those already present. Finally the project will increase the depth of the channels both new and old.
This expansion is what is called a mega project. Its impact could and likely will be very widespread and felt by nearby communities. Furthermore it is estimated to cost more than one billion US dollars and will likely get a lot of public attention due to its scale. The impact on the environment will also be something that will be taken into consideration.
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.
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.
This can also mean an increase in profits for those invested in the industry of trading which involves the canal. As the capacity for cargo ships is increased so should the profit margin for both Panama and those involved in the maritime trade industry. This only leaves the environmental impact as a possible concern for the project.
The Panama Canal Authority has claimed that there will be no major damage done environmentally by the project. Its working area is said to consist of operational and administrative areas already controlled by this organization. As such no communities would need to be moved by the project. Furthermore it is said that the lock system being installed would sufficiently mitigate any other environmental impact to the water of the canal.
Again, it is projected that the canal expansion will be finished in 2015. It is the hope of many that this expansion's completion will mark a time of renewed prosperity in the country of Panama. It will certainly be seen in time whether or not this happens, and many will be watching closely in the meantime.
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