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Panama Canal Expansion Project

Since the 1930s, all of the Canal widening studies have determined that the most effective and efficient alternative to enhance Canal capacity is the construction of a third set of locks, with bigger dimensions than those of the locks built in 1914. Thus, in 1939, the United States initiated the construction of locks designed to allow the transit of commercial and war ships, whose dimensions exceeded the size of the existing locks. In 1942, after advancing the excavations significantly, the Americans suspended the third set of locks project due to the outbreak of World War II. In the 1980s, the tripartite commission formed by Panama, Japan, and the United States took up the issue again, and like the Americans in 1939, determined that a third set of locks with larger lock chambers was the most appropriate alternative for increasing Canal capacity. Today, the studies developed by the Panama Canal Authority (ACP) as part of its Master Plan, with a horizon to the year 2025, confirm that a third set of locks, larger than those existing now, is the most suitable, profitable and environmentally responsible way to increase Canal capacity and allow the Panamanian maritime route to continue to grow.

Throughout its history, the Canal has continually transformed its structure and adjusted to trade requirements and international maritime transport technologies. In this manner, the Canal has managed to increase its competitiveness in a sustainable manner.

President Torrijos on his speech on April 24, 2006, announcing the project, said that "…to say it in a graphic manner, [the Canal] is like our 'petroleum'. Just like the petroleum that hasn't been extracted is worthless, and that in order to extract it you have to invest in infrastructure; the Canal requires to expand its capacity to absorb the growing demand of cargo, and generate more wealth for Panamanians".

The Third Set of Locks Project is a megaproject that will expand the Panama Canal. The expansion will be greater than at any time since the canal's construction. The Panama Canal Authority proposed the project after years of study. Panamanian President Martín Torrijos presented the plan on April 24, 2006 and Panamanian citizens approved it in a national referendum by 76.8% of votes on October 22, 2006. The project will double the canal's capacity and allow more traffic.

The project will create a new lane of traffic along the Canal by constructing a new set of locks. Details of the project include the following integrated components:

Construction of two lock complexes — one on the Atlantic side and another on the Pacific side — each with three chambers, which include three water-saving basins;

Excavation of new access channels to the new locks and the widening of existing navigational channels; and,

Deepening of the navigation channels and the elevation of Gatun Lake’s maximum operating level.

As stipulated by the Panamanian Constitution, any project to expand the Canal had to be approved by the Cabinet, the National Assembly and by a referendum. On Friday July 14, 2006, the National Assembly unanimously approved the proposal. In addition, the Assembly passed a law mandating a national referendum on the proposal. The Panama Canal expansion referendum was held on October 22, 2006, the first Sunday more than 90 days after National Assembly approval.

On September 3, 2007 the Panama Canal expansion project officially started. Panama's president Martín Torrijos stated that the Canal will generate enough wealth to transform Panama into a First World country.

The president also announced that the canal will also industrialize the country when the expansion projects start progress.[citation needed] The project is also expected to reduce poverty by about 30%, making Panama have an estimated 8% of poverty in 2012.