Finance & Funding

Work is now starting on a major tunnel project in the US state of Virginia. Construction of a second tunnel connection for the Chesapeake Bay is expected to cost US$756million. The original Chesapeake Bay Tunnel and Bridge crossing opened to traffic in April 1964 and measures just over 37km long. Construction of a second parallel bridge was commenced in 1995 and opened to traffic in 1999. However the central tunnel link was not widened at that time and now carries more traffic than it was designed for, whil

An agreement has been signed to pay for the construction of a new 34km road link in Nigeria’s River State. The new link will connect Bonny Island with Bodo, improving transport for this key industrial area of Nigeria. The agreement was signed jointly between the Nigerian Government, Julius Berger Nigeria, and Nigeria LNG. The road project is expected to cost US$331.62 million, with around half of the financing being provided by Nigeria LNG.

The cost of expanding the A94 autobahn between Pastetten and Heldenstein in Germany is likely to be 75% higher than originally estimated.

A series of key road projects in Venezuela have fallen victim to the country’s overall financial paralysis, a result of its plummeting economy and its disastrous political climate. Insufficient finances have seen work to construct the La Verota-Kempis, Circunvalacion Sur-Caracas and Caracas-La Guaira highways now being stalled for two years.

Tendering is being opened out for a new dual carriageway connection in Argentina, located just to the south of Mendoza. The 25km link will provide an improved link between Route 7 and Route 40, joining the towns of Palmira and Agrelo. The project is expected to cost close to US$151 million, with financing being provided by the Inter-American Development Bank (IADB). The new dual carriageway will reduce journey times between Palmira and Agrelo.

Plans have been drawn up in the Philippines for Cavite-Tagaytay-Batangas Expressway (CTBEx) project. The Metro Pacific Group submitted its proposals for the expressway to the Department of Public Works and Highways. The US$440.2 million expressway will improve the link from Cavite to Nasugbu and Tagaytay. The Metro Pacific Group hopes to receive the necessary approvals for the project by the end of 2017.

Funding from Japan now looks likely to help pay for a highway project in Tanzania. The Japan International Cooperation Agency (JICA) is planning to offer US$1.4 billion for Tanzania’s New Bagamoyo Highway road project. The deal has yet to be finalised, but construction work should commence in June 2018, should all go to plan. Once the work starts, this will improve the connection between Mwenge and the Kawawa intersection.

Bulgaria has started work on a 12.6km section of Struma motorway between the southwestern towns of Blagoevgrad and Krupnik. A consortium led by Bulgarian construction company Agromah is building the section under a contract worth just over €71 million, according to the regional development ministry.

Bosnia has picked up a €221 million loan from the European Bank for Reconstruction to finance two road projects, including a Corridor Vc section. Up to €65 million of the a €221 million will be for flood damage repairs.