Originally the cost of the Panama International Airport expansion project was $69 million and now the cost has risen to $100 million. This huge increase is becoming a trend in public works projects in Panama. More information below from La Prensa –
Cost of Tocumen Airport expansion, now $100 million
The construction of three access roads to the main runway will increase – to $100 million – the cost of the second phase of expansion work at the Tocumen International Airport, which includes the construction of the north pier, a wing slated to provide 12 additional gates at the airport.
This is the second increase in the cost of the project, which was originally quoted at $69 million.
Last year, another $6 million was added to the cost, in order to cover equipment for the terminal, bringing the total price to $75 million.
It is envisaged that the new terminal, built by the Colombian consortium Aerotocumen, will begin operating in September.
Juan Carlos Pino, manager of Tocumen, said the decision to create three entrances arose in an effort to reduce the time it takes for aircrafts to reach the terminal from the runway, and vice versa, which will result in savings for airlines.
These additional works will be financed with equity.
The expansion of Tocumen is not the only State project that has undergone hikes in its costs.
Recently, it was learned that the first Panama Metro subway line will cost at least $1.8 million, a price much higher than stated in the contract between the State and the consortium responsible for construction: $1.452 million.