Panama marks 10 years since return of canal

The New Straits Times Press
January 4, 2010

PANAMA: Panama last Thursday marked the 10th anniversary of the end of US control over the legendary canal linking the Atlantic and Pacific Oceans, long considered one of the world's engineering wonders.

The US returned the waterway to Panama's control on December 31 1999 as the world prepared to usher in a new millennium.

Now the grandiose canal, built between 1904 and 1914 by the Americans after an initial French attempt failed, is an independent and profitable entity, Panamian leaders said.

The return of the canal was part of the deal struck 22 years ago between then US leader Jimmy Carter and former Panamian president Omar Torrijos.

According to organisers, it has brought in US$4.7 billion (US$1 = RM3.42) in taxes for Panamian coffers since 2000, compared with just 1.8 billion between 1914 and 1999 when it was under US administration.

Thursday's ceremony came four months after the start of work to enlarge the canal by constructing a third set of locks to ensure that today's supersize container ships, cruise liners and oil tankers - many of which are too wide for the canal - will be able to navigate the waterway in the future.

http://www.btimes.com.my/articles/panamacanal/Article/