More brings more?
With all of the excitement over the Panama Canal expansion project – currently slated for completion in 2016 – it’s no surprise that Colon has missed many people’s radar. That’s all going to change in the next few months. The port of Colon, Panama’s 2nd largest city at the Caribbean mouth of the canal, will be getting an $8 billion overhaul over the next few years. The project, which is tentatively named “Atlantic Panama Puerto Verde” will incorporate the current port, as well as a few neighboring islands, and will be customized to accommodate much larger vesselColon’s location as a strategic port cannot be underestimated, as it has one of two entrances to the canal (the other in Panama City), and contains the world’s 2nd largest free trade zone. This free trade zone will also be getting a makeover during the port upgrade, making it more accessible, modern, and able to store more cargo, as well as accommodate more people.
According to press reports from La Presidencia de Panama in February of this year, “… The master plan for marine structure includes a multimodal port with areas for an industrial port, fishing, cruises (tourist), terminals for solid and liquid bulk cargo and fuel, logistics zone, singular building (five towers), tourism and trade zone, power plant, eco-park, connections and infrastructures in approximately 432 hectares of marine area and 225 acres of land area”
Why a New Port in Colon, Panama?
Where’s the Money Coming From?
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