Panama Canal appoints new administrator

By Elida Moreno

Panama. Ricaurte Vasquez economist was appointed as the new administrator of the Panama Canal by the Board of the waterway for the next seven years, replacing Jorge Luis Quijano Engineer, who will end his term in September.

Vasquez, It was imposed on a list of 20 more professionals who aspired to office, and is the third manager who will direct the path along which more than 5 percent of global trade, after the United States returned to Panama the waterway, after a century of military presence in the Central American country.

Vasquez will assume the reins of the channel between the challenges of maintaining the competitiveness of the route to the vagaries of the world economy, the need to diversify business after enlargement, and start of operations of locks Neopanamax, allowing you to move ships up 14 thousand containers 20 pies, and address the impact of climate change.

In his first speech as designated administrator, Vasquez said that during his tenure work on priority issues within the new vision of the waterway, including seeking new business, and secure water to move ships, as it is crucial for Canal operations.

Ricaurte Vásquez has more than 30 years of financial management, international capital markets, financial consulting and expertise in the public sector, and masters and doctorates in the United States

He was Minister for Canal Affairs and Chairman of the Board (2004 – 2006), subadministrator (2000 – 2004) and CFO (1996 – 2000) the waterway, Most recently he held senior positions at General Electric for Central America and the Caribbean.

Canal Minister and Chairman of the Board, Roberto Roy said the selection of Vásquez was considered his vast professional experience in the canal activity, the strategic objectives, and current and future challenges of the waterway through which circulates around the 5 percent of global trade.

"We reaffirm that independence is the essence of Canal, and assure the country, the employees of this company and our customers that this transition, which it is part of the management model Channel, It will be imperceptible ", Roy said in making the announcement.

While, Ilya Espino de Marotta, He became the first woman to be appointed as Deputy Administrator of the seaway, replacing Manuel Benitez.

It has a long history within the Canal, He led the project to expand the waterway that cost more than 5 billion , and actually, He serves as VP Business Transit, a position he will continue to assume its new designation 2020.

Marotta agreed that the major challenges facing the new administration, They include ensuring the institutionality of the seaway, ensure water sources for operations via, and diversify business through complementary activities freight traffic.

The Panama Canal is crucial for the Panamanian economy, since he was transferred by US 1999 the State has given direct contributions that exceed 15 billion.

Dr. Ricaurte Vásquez and Eng. Ilya Marotta. Photo: Panama Canal.