Chinese companies win contract to build fourth bridge on Panama Canal
A consortium of Chinese companies won a $1.42 billion contract for the design and construction of the fourth bridge over the Panama Canal.
China Communications Construction Co Ltd (CCCC) and China Harbour Engineering Company Ltd (CHEC), are expected to begin work on the much-anticipated bridge project later this year and will take three years to build. The Consortium initially won the contract in June but the award was postponed after rival bidders appealed the decision.
The fourth bridge will be 6.5-km (4-mile) and will have six car lanes and a two-way metro line.
China and Panama also started free trade talks in July with the goal of reaching an agreement which could make Panama a major hub for Chinese goods being sold across Latin America. This agreement would be a major boost to Panama’s economy, while also establishing a major positioning point for China in Latin America.
Relations between Panama and China have warmed in recent months after the decision to break ties with Taiwan, after which Panama’s commerce minister said his country hoped to become the point of entry for Chinese investments and products for the region.