{"id":33748,"date":"2023-03-31T17:51:23","date_gmt":"2023-03-31T22:51:23","guid":{"rendered":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=33748"},"modified":"2023-03-31T17:51:23","modified_gmt":"2023-03-31T22:51:23","slug":"panama-chinese-consortium-resume-bridge-work-1518-million","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-chinese-consortium-resume-bridge-work-1518-million\/","title":{"rendered":"Panama and the Chinese consortium resume bridge work of $1,518 million"},"content":{"rendered":"

\"\"<\/a><\/p>\n

The Government of Panama and a Chinese consortium signed an addendum on Wednesday that will allow the restart “in the coming months” of the construction of the Fourth Bridge over the Interoceanic Canal, a “mega work” of infrastructure with an adjusted cost of $1,518 million.<\/p>\n

This project was awarded in 2018 to the Panama Fourth Bridge Consortium (CPCP), composed of the companies China Communications Construction Company LTD and China Harbour Engineering Company LTD, with a cost of $1,420 million and a link with line three of the Metro, but financing problems and design changes stopped the work in 2020.<\/p>\n

Thus, the addendum signed this Wednesday and that “allows to continue with the execution of the project (…) incorporates modifications to the original contract, so that the consortium continues with the design and construction of the project for a net value of $1,372.1 million, after separating its construction from the Third Line of the Panama Metro,” said the Ministry of Public Works (MOP).<\/p>\n

In addition, it was agreed to “modify some components of the original project, including eliminating the viewpoint and the restaurant that were contemplated as well as adjusting the width of the main board, exchangers and the type of columns. In addition, the Maintenance Stage has been eliminated, since it is evaluated to grant the Project in administrative concession,” according to official information.<\/p>\n

He added that the addendum “incorporate the financing structure of the project presented by the Santander, Mizuho and Banistmo banks for an approximate cost of $716.5 million dollars, endorsed by the Ministry of Economy and Finance.”<\/p>\n

The disbursement of the corresponding payments will begin “in 2026, respecting the maximum amounts of availability of resources established at the MOP,” said the official statement, which stressed that “this transaction is what will guarantee the delivery of this important work to the country.”<\/p>\n

The head of the MOP, Rafael Sabonge, said that “the work of the work” will be resumed “in the coming months,” after “the team of experts of the consortium” concludes “the development of the detailed design, studies and other field work.”<\/p>\n

The Ministry of Public Works (MOP) said that it is estimated that the construction of the Fourth Bridge over the Panama Canal will generate about 4,000 direct job places, without specifying how long it will take to complete the work.<\/p>\n

The construction of the original project was going to take 54 months, and the work was going to have a useful life of 100 years, the Chinese consortium said five years ago.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Government of Panama and a Chinese consortium signed an addendum on Wednesday that will allow the restart<\/p>\n","protected":false},"author":5,"featured_media":33749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[242,10,12,241,34,42,19,219,11,7,246],"class_list":["post-33748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-articles-panama-perpsective","tag-boca-chica-real-estate","tag-bocas-del-toro","tag-boquete","tag-boquete-real-estate","tag-casco-antiguo","tag-estate-homes-in-panama","tag-investments-in-panama","tag-move-to-panama","tag-offshore-real-estate","tag-panama-real-estate","tag-relocate-to-panama"],"yoast_head":"\nPanama and the Chinese consortium resume bridge work of $1,518 million -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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