CONTRACT AWARDED TO REPUTABLE, INTERNATIONAL FIRM; FIFTEEN FIRMS FROM AROUND THE WORLD PARTICIPATED IN THE CONTRACT BID
PANAMA CITY, Panama, February 7, 2007 – The Panama Canal Authority (ACP) announced today that it has awarded the financial advisor contract for the Panama Canal expansion to Mizuho Corporate Bank, Ltd. Services within the contract include: reviewing the financial aspects of the ACP’s Master Plan and expansion proposal, providing strategic counsel on financing structures and strategies and creating and implementing an integrated financial model, among other items.
A total of 15 firms participated in the international bid for this contract, including firms from the United States, Japan, France, England and Spain. After thorough technical and economical evaluation of the proposals, the contract was awarded to Mizuho Corporate Bank based on the firm’s reputable experience and capabilities. Moreover, the firm was the best fit for requirements and interests of the expansion project.
As the world becomes more interconnected, the significance of the Panama Canal and its function in the global supply chain becomes increasingly important. The waterway lies within a critical area where trade routes emerge and connect. The ACP will continue its efforts toward maximizing Panama’s strategic location to become the logistics and transportation hub of the Americas.
In an historic move, Panamanians voted on October 22, 2006 to expand the Canal. Expansion involves building a third lane of traffic along the waterway through the construction of a new set of locks, which will allow more traffic and double Canal capacity. Expansion will tighten the global supply chain and help get goods to market faster, thus saving time and money for both producers and consumers.
The Japanese Mizuho Corporate Bank, Ltd. is considered one of the largest banks in the world. It is conformed by the consolidation of The Industrial Bank of Japan, Ltd., The Fuji Bank, Ltd. and the Dai-Ichi Kangyo Bank, Ltd. For more than 30 years, it has offered financial advisory services and financing for the execution of numerous infrastructure and energy projects in countries around the world, such as Mexico, South America, Central America and the Caribbean.
About the Panama Canal Authority (ACP)
The ACP is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the ACP is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the ACP’s Web site: www.pancanal.com.