The AP and various other news organizations are reporting that voters in Panama approved a $5.25 billion modernization and expansion plan for the Panama Canal. The measure won overwhelming approval, 78% of Panamanians voted in support of the measure with 43% of voters casting ballots. The expansion plan calls for a third set of locks to be built on the Atlantic and Pacific ends of the canal by 2015. The new locks would be large enough to handle ships that are currently too large to transit the canal. Currently ships that are wider than 108 feet wide are too large to transit the canal. The project is also expected to double the capacity of the waterway. The canal's operations are paid for by tolls collected from the ships that transit the canal. It's expected that this year alone the canal will generate as much as $1.4 billion and the Panama Canal is the nation's largest revenue generator. Revenues from the canal are also used to fund education and social programs throughout the country. The expansion project will be paid for by increasing those tolls with revenues expected to be as much as $6 billion anually by 2025.
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