Panama awards $1.4 bn bridge project to Chinese group

Panama awards $1.4 bn bridge project to Chinese group

PANAMA CITY - The government of Panama awarded Tuesday a Chinese consortium a $1.4 billion contract to build a bridge over the Panama Canal, a day after a visit by President Xi Jinping.

A Chinese firm has won the $1.4 billion contract to build a bridge over the Panama Canal

That tour was part of China's efforts to extend its political and economic influence in Latin America.

"Panama is moving ahead in its relations with China and without a doubt this project that begins its construction today is part of that message and trust between the two countries," Panamanian President Juan Carlos Varela said.

The order will allow a consortium called Panama Cuarto Puente, composed of China Communications Construction Company (CCCC) and its unit China Harbour Engineering Company (CHEC), to design and build a bridge over the Panama Canal.

The group outbid companies from Spain, Italy, South Korea and China.

It will be one of the largest construction projects in Panamanian history.

During his visit Xi and Varela signed a score of infrastructure, tourism and development cooperation agreements as Panama became the first Latin American country to partner with Beijing's giant multi-billion dollar "Belt and Road" development initiative.

Do you like the content of this article?
COMMENT (1)

Suu Kyi sentence puts spotlight on Myanmar's detained thousands

Deposed Myanmar leader Aung San Suu Kyi, who was sentenced to four years in prison on Monday, later cut to two, is just one of thousands held in the country since the military seized power 10 months ago.

21:47

Indonesia bolsters recovery efforts after volcano kills 34

JAKARTA: Indonesian President Joko Widodo promised on Tuesday to bolster evacuation efforts and repair damaged homes after visiting the site of a volcanic eruption on Java that has killed at least 34 people.

18:34

Bank of Thailand urges banks to refrain from trading digital assets

The central bank on Tuesday said it does not want commercial banks to be directly involved in trading digital assets, citing the risks stemming from high price volatility.

17:30