The Panama Canal Authority (ACP) has announced plans to engage with synergistic projects that would make the whole canal more attractive, according to the Journal of Commerce.
This will be in addition to the new lock bridge that the ACP has recently announced, which will cost around US$450 million to construct.
The ACP is also looking into opportunities to provide land and dredging, while the concessionaire would finance the design, construction, maintenance, and operations of the terminal for 20 years, renewable for an additional 20 years.
The Corozal terminal would be developed in two phases, with the first involving additional capacity of around 3.2 million TEU from quay and yard extension.
The second phase would boost the terminal’s capacity by another 2.1 million TEU, bringing the total to more than 5 million.
Jorge Quijano, Administrator of the ACP, said: “We are analysing our options. We do not need a law to proceed with the next steps. However, (the port operator of Corozal) would not have all the fiscal incentives that all ports have. This would make Corozal less competitive, thus the offer for the concession would be less.”
A study has also been commissioned by the ACP to allow for the assessment of a logistics bank at the Panama Canal, which would be situated along the western bank.
Oscar Bazan, Executive Vice-President for Research and Business Development at the ACP, concluded: “We want to increase the economic patrimony of the canal.”