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The Panama Canal cost the United States about $375 million, including $10 million paid to Panama and $40 million paid to the French company. Although it was the most expensive construction project in US history to that time, it cost about $23 million less than the 1907 estimate despite landslides and an increase in the canal's width.
The Panama Canal (Spanish: Canal de Panamá) is an artificial 82-kilometer (51-mile) waterway in Panama that connects the Caribbean Sea with the Pacific Ocean. It cuts across the narrowest point of the Isthmus of Panama , and is a conduit for maritime trade between the Atlantic and Pacific Oceans.
A ship is guided through the Panama Canal's Miraflores locks near Panama City on April 24, 2023. (Luis Acosta/AFP/Getty Images)
Administration of the canal has been more efficient under Panama than during the U.S. era, with traffic increasing 17% between fiscal years 1999 and 2004. Panama's voters approved a 2006 referendum authorizing a major expansion of the canal to accommodate larger modern cargo ships. The expansion took until 2016 and cost more than $5.2 billion.
The canal used to be owned and operated by the United States, but it slowly shifted control to Panama in the late 20th century, releasing its grip on the canal totally by 1999.
The canal you see today is an upgraded version of the original, as the waterway underwent a multibillion-dollar expansion finished in 2016 to accommodate NeoPanamax vessels, the supersized ...
A New Panamax ship passes through the Panama Canal's Agua Clara lock in 2019. The Atlantic Bridge is seen in the background.. The Panama Canal expansion project (Spanish: ampliación del Canal de Panamá), also called the Third Set of Locks Project, doubled the capacity of the Panama Canal by adding a new traffic lane, enabling more ships to transit the waterway, and increasing the width and ...
During the 20th century, U.S.-Panama tensions worsened and there were growing protests against U.S. control of the canal, notably after the Suez Canal crisis in 1956, when British and French plans ...