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PANAMA CITY (AP) — The Panama Canal Authority said Tuesday that it wants to end a standoff over the expansion of the canal by splitting construction costs with the international consortium that was threatening to halt work unless the authority came up with $1.6 billion in extra funding.
The authority said Tuesday that it would pay $183 million and Grupo Unidos por el Canal would put in $100 million to continue work for at least two more months while a long-term solution is negotiated.
The Spanish-led consortium would have to withdraw its threat to halt work on the canal by Jan. 20. The consortium, which has said it has run out of cash to fund construction, offered no immediate response to the authority’s offer.