Panamanian President Juan Carlos Varela on Tuesday thanked Spanish Prime Minister Mariano Rajoy for his “support” during the Panama Canal expansion project, which is being headed up by Spain’s Sacyr Villahermosa.

“I would like to thank Prime Minister Rajoy for the support he gave to Panama at all times … in this expansion project,” Varela said during a visit to the Canal, on which he was accompanied by Spanish Development Minister Ana Pastor, who arrived Sunday in Panama on an official visit.

Aso visiting the Canal were Sacyr construction firm president Manuel Manrique, the High Commissioner for Brand Spain, Carlos Espinosa de los Monteros, and a delegation of Spanish journalists.

“As you have seen on this visit, Panama is a country with a very diversified economy, with its logistic model, with the Canal, with ports, airports, all being expanded and with the presence of Spanish technology,” Varela said.

The inauguration of the expanded Panama Canal, considered to be one of the largest engineering projects in history, will be held on June 26 with a huge ceremony to which heads of state from around the world have been invited.

Representing Spain will be King Juan Carlos and Foreign Minister Jose Manuel Garcia-Margallo.

“The big projects have problems, but finally they will always be brought to fruition. This $6 billion that the Panamanian government has invested, has been invested to improve the quality of life of its people but it’s going to result in (an improvement) in all worldwide maritime transport,” said Pastor.

The Canal’s expansion program, launched in 2007 with an initial budget of $5.25 billion, will enable the waterway to accommodate “New Panamax” ships, which hold up to 13,000 20-foot-long containers and are three times bigger than what the Canal can currently handle.

The work should have been finished in 2014, but delays have arisen caused mainly by several labor strikes and a contractual dispute between the Canal and the Sacyr-led GUPC consortium.

Varela noted Tuesday that there are currently two Spanish multinationals – Sacyr and ACS – that are bidding along with other consortia to build the fourth bridge over the interoceanic waterway, a project valued at about $1 billion.

“Panama provides a great public investment opportunity for all Spain’s companies that are ready to continue helping us build the future of this country,” Varela concluded. EFE