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Panama gets $4.75 billion since '99 canal handover

Panama gets $4.75 billion since '99 canal handover

Panama has made $4.75 billion from the Panama Canal since taking over operations a decade ago, more than twice what it received in the 85 years the United States operated the waterway, the operating authority said Wednesday.
Thursday marks the 10th anniversary of the handover of the canal by the U.S., which opened the waterway linking the Atlantic and Pacific oceans in 1914. It is now run by an autonomous government agency, the Panama Canal Authority.
"We have demonstrated to the world that we are not only able to operate the canal, but we can do it efficiently and with big benefits for the country," said the authority's head, Alberto Aleman Zubieta. "Today, we serve customers better."
The canal charges ships fees for using the waterway, and income from those fees grew from $201 million in 2000 to $780 million in 2009.
Panama received a total of $1.83 billion from the canal in the 85 years it was run by the U.S., according to the authority's report.
The canal authority is spending $5.25 billion to widen the 50-mile-long (80-kilometer) canal by 2014, because the waterway is too narrow for today's larger freighters.


Updated : 2021-03-01 12:52 GMT+08:00