PANAMA CANAL SIGNS FINANCE DEAL
The Panama Canal Authority (ACP) has contracted US-based Shearman & Sterling as its international legal advisor for its expansion financing needs. The top-tier global firm will work closely with the ACP and its financial advisor, Mizuho Corporate Bank, to determine the most advantageous financing options for the ACP as the Canal seeks to expand to include a third traffic lane and increased lock sizes.
The decision followed an evaluation of proposals from several world-class firms specializing in the financing of international infrastructure projects. Shearman & Sterling joins Mayer, Brown, Rowe & Maw, the law firm selected to advise the ACP in the procurement and contracting aspects for the Expansion Program.
"Shearman & Sterling distinguishes itself as a market leader in infrastructure financing," said ACP Engineering and Programs Management Director Jorge Quijano. "Shearman & Sterling's project development and finance group enjoys a strong global reputation, especially in Latin America. We look forward to working with them as we develop the best plan to satisfy the ACP's financing needs."