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Expanding The Panama Canal Will Work

The Panama Canal is a ship canal which was built in order to join the Atlantic and Pacific oceans. Naturally its construction had a significant and positive impact on maritime trade, which was the primary reason behind its construction. Now there is a new project being proposed by the Panama Canal Authority which would expand traffic capacity of the Panama Canal.

The project goes by the name of the Third Set of Locks Project. This name is related to one of its goals, which is to construct lock complexes at both the Atlantic and Pacific ends of the canal. These lock systems are aimed at resolving the water preservation issues which have come up in the past with the canal's continued use. The Panama Canal Authority also aims to not only construct additional access channels to the canal but widen those that already exist. These channels will all also had their depth increased when the project has finished.

This expansion is what is called a mega project. Its impact could and likely will be very widespread and felt by nearby communities. Furthermore it is estimated to cost more than one billion US dollars and will likely get a lot of public attention due to its scale. The impact on the environment will also be something that will be taken into consideration.

The project has begun as of September 2007 and could be finished within the year 2015. There are and have been many voices in favor of its commencement. This a result of the many potential benefits that the canal expansion could offer. For one it is expected to pay for itself given time as well as provide a significant amount of return on investment for not only its investors but Panama as well.

Beyond that, it is believe that the project will reduce the level of poverty within Panama by about 30%. This benefit will be generated by the increasing demand for all kinds of labor involved directly with the project or related to it. Of course the improved channels and new traffic lane constructed by the project can likely bring in higher toll revenues as well.

For those who have investments within the shipping industry as or trade that goes on throughout the canal this can mean big profits as well. The increase in capacity for cargo ships will likely make for more revenue. This increase in return can directly impact not only traders and businessmen but the country of Panama itself. With these propose financial benefits, however, there is still a question of the environmental effects of the canal expansion.

The Panama Canal Authority has performed studies regarding the environmental impact of its project and claims that no significant damage will be done environmentally. The area in which the work will be done is already owned by the organization and no major community upheaval is necessary for its work to be done. It also states that the lock systems being installed are intended to mitigate the environmental impacts of the increase in usage of the canal.

As already mentioned the project is intended to have reached completion by 2015. This is expected to be a time signaling new prosperity within the country of Panama. Time will tell, and during its construction there will no doubt be many parties interested in seeing just what happens.

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