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Latin America Investment News on Viva Tropical

Aging Port City Gets a Jolt of Investment

Article Summary:

The aging port city of Colon, Panama is about to benefit from an investment of over half a million dollars in a new container port.

Photo Credit: Flickr River

Original Article Text From Lexology:

Panama: new port in Colon

“According to the agreement, the company will build, develop, operate and manage a container port or a port of general loading, undertaking to invest no less than $593.9 million to create around 800 employment opportunities during the project construction phase and one thousand jobs in its operation phase”, reports an article published in Prensa.com

The total amount of the investment, $300.9 million corresponds to the construction of three port docks. Panama will receive $9.7 million, via the Panama Maritime Authority, as a consideration at the end of the concession as a fixed charge. In addition, a $12 charge will be paid per container movement made at the port terminal, this is the same fee paid by the rest of the port operators.

It was established in the agreement signed by the Chinese-owned company and Panama that the company and its subsidiaries and affiliates will be exempted from any import tax, contribution, fee or rights over all the equipment.

Exemptions include machinery, materials, raw materials, fuels and lubricants, cranes, vehicles during the validity of the concession. This will also apply to any device, supply, spare part, boat and container destined to the construction, management and maintenance of the terminal, among others.

Link to Original Article:

From Lexology

Latin America Investment News on Viva Tropical