Finance & Funding

The World Bank is offering Ethiopia a loan worth US$370 million for the construction of a new expressway. The Ethiopian Roads Authority (ERA) will use the loan to construct the 57km Batu Ziway-Arsi Negele section of the 203km Modjo-Awassa expressway. The loan will be repaid over 38 years with six years of grace period. The Modjo-Awassa expressway has four sections, with the 52km Arsi-Negele section to be funded by China EXIM Bank. Korea EXIM Bank will finance the 37km Meki-Ziway section and the African Deve

Moscow-based infrastructure group Doraeroproekt Institute will design a bridge over the Samur River under an agreement between Russia and Azerbaijan. The new bridge will carry around 37,000 vehicles a day and link the two villages of Samur in Azerbaijan and the Russian village of Yarag-Kazmalar. The announcement follows the signing by the two governments of a bridge protocol in mid-2013 as part of other infrastructure project agreements. Azerbaijan will finance bridge construction and Russia will c

The tender process is being planned for the Myanmar-Korea Friendship Bridge, which will connect Myanmar’s commercial centre Yangon to Dala Township. Over $137 million in loans have been pledged by the Korean Economic Development Cooperation Fund to develop the 1.87km long suspension bridge. The tender process will be international and the work is due for completion by 2020. In all the project is expected to cost in the region of $168 million.

An official opening has been carried out for Australia’s Legacy Way Tunnel. The 4.6km route located in Brisbane, Queensland is open to traffic. The construction project was handled by Transcity, formed by Spanish contractor firm Acciona along with BMD Constructions and Ghella. This is the first major project in Australia with which Acciona has been directly involved. The project was awarded in 2010 and cost in the region of US$1.64 billion to construct. It was originally due for completion in late 2014. The

The US president recently signed a short term extension for highway funding. This two month extension will provide funding for highway infrastructure until the end of July. This is a very temporary measure made as the US Government has so far been unable to agree the longer term deal that will guarantee highway investment. The president did propose a six-year transportation bill worth some US$478 billion. This would have given the necessary funds to deliver the much-needed investment in the country’s transp

Work is close to completion on a new inter-ocean highway in Honduras. This 392km road runs between the Pacific Ocean and Atlantic Oceans and is at present around 80% complete. Called the Canal Seco, this new road should be finished in the first quarter of 2017. Work still needs to be carried out on a 100km long section featuring four lanes. This portion of the project is costing some US$300 million, with funding being provided by CABEI.

Construction costs are increasing for a key road tunnel in the German city of Stuttgart. The work on the Rosenstein road tunnel looks set to be some €40 million more expensive than was initially expected. As a result the 1.8km tunnel will now come with a price tag of over €270 million. The tunnel should be ready for traffic in 2020. Funding for the project is being provided jointly, with the German Government and the federal state of Baden-Württemberg providing some €112 million of the financing required.