IDB approves $400 million loan for Panama Canal but....

Several weeks ago the Inter-American Development Bank. told the world that they were considering investing in the canal expansion project and today they have announced approval of the loan. Although $400 million is only a small part of the funds needed for the expansion, it is an important first step in keeping the project on track.
Wikipedia has some interesting information regarding the way these IDB loans are initiated and how they are to be repaid. First of all they are made to countries who are "borrowing members" of the bank and the funds are provided by "non-borrowing members". They have a total of $101 billion to loan, but in actuality  they only guaranty loans that are in the form of bonds sold to commercial banks. The bonds are preferred creditor status meaning that borrowers will repay loans to the IDB before repaying other obligations to other lenders such as commercial banks. A simple explanation of how this works is found here.

So, the IDB is committing money it does not really have with guaranties of financially insolvent "lending countries" who have nationalized their commercial banks because they are broke. All of this at a time when the world economy is falling off a cliff and the shipping industry is near collapse. Don't worry, be happy!