Government of Panama and Chinese consortium agree to restart construction of the Fourth Bridge over the Panama Canal
Photo: Monumento donado por el gobierno chino a panama. By: Joseline13 Source: WikiCommons.
The Government of Panama has signed an addendum with a Chinese consortium to resume the construction of the Fourth Bridge over the Interoceanic Canal, a significant infrastructure project with a budget of $1.518 billion. The Panama Fourth Bridge Consortium (CPCP), comprising China Communications Construction Company LTD and China Harbour Engineering Company LTD, was initially awarded the project in 2018. However, financing difficulties and design changes led to a suspension of the work in 2020. Under the addendum, the consortium is authorized to proceed with the design and construction of the project at a net value of $1,372.1 million, following its separation from the Third Line of the Panama Metro.
The addendum also entails modifications to certain elements of the original project. This includes the elimination of the viewpoint and restaurant initially planned, adjustments to the width of the main deck, interchangers, and column types, as well as the removal of the Maintenance Stage. Additionally, the financing structure proposed by Santander, Mizuho, and Banistmo banks, amounting to approximately US$716.5 million, has been incorporated, with endorsement from the Ministry of Economy and Finance.
The construction of the Fourth Bridge over the Panama Canal is expected to create around 4,000 direct job opportunities. Moreover, it is anticipated to alleviate traffic congestion in Panama City, facilitating the daily movement of 70,000 vehicles and benefiting approximately 1.7 million people. The resumption of this significant infrastructure project highlights China’s ongoing investment in Latin America and the Caribbean, although it has also raised concerns about the region’s growing economic dependence on China.
Top Headline:
La Estrella de Panamá. (2023, Marzo 29). Panamá y Consorcio chino retoman obra de puente de $1,518 millones.