Latest news with #ChinaRoadandBridgeCorporation
Zawya
11 hours ago
- Business
- Zawya
Africa Global Logistics Advances Landmark Port Expansion Projects
Freight forwarding service Africa Global Logistics (AGL) recently secured €230 million in financing to expand the container terminal at the Port of Pointe Noire in the Republic of Congo, marking a major milestone in regional infrastructure development. The new 750-meter quay – scheduled for completion by 2027 – will double the terminal's capacity to 2.3 million containers annually and support the country's growing oil and LNG exports. The Pointe Noire project is being executed by AGL's subsidiary Congo Terminal in collaboration with engineering firm China Road and Bridge Corporation. Backed by both international and Congolese banks, the €400 million platform will include 26 hectares of quayside, a dredged 17-meter-deep basin, and the installation of 16 gantries. It forms a key part of Congo's strategy to boost hydrocarbon production to 500,000 barrels of oil per day and LNG output to 3 million tons per annum within five years. AGL will participate as a Diamond Sponsor at this year's African Energy Week (AEW): Invest in African Energies conference – taking place September 29 to October 3 in Cape Town. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. In Angola, AGL also launched operations at its Lobito Terminal in March last year. The terminal – Angola's second-largest port hub – handles over one million tons of bulk cargo and more than 100,000 twenty-foot equivalent unit containers annually, with 730 employees operating deepwater berths and modern equipment. With €100 million in planned investment, the terminal connects to the 1,300-km Benguela railway and aims to become a vital gateway for copper, cobalt and agricultural exports from the Copperbelt region in Zambia and the Democratic Republic of Congo. The project comes at a pivotal time for Angola, which is preparing to bring several major energy developments online between 2025 and 2028. These include the Cabinda Oil Refinery in 2025, the Agogo Integrated West Hub development in late-2025, the Quiluma and Maboqueiro gas fields in 2026 and the Kaminho Deepwater Development in 2028. Meanwhile, in Ivory Coast, AGL is playing a vital role in Phase 2 of the Baleine offshore development - West Africa's first net-zero emissions project. In partnership with engineering firm Saipem, AGL began manufacturing critical subsea structures for the Baleine field in April 2024 at its Carena shipyard in Abidjan. The works include anchoring systems and underwater fixtures totaling over 200 tons, to be deployed in ultra-deep waters. AGL has mobilized 100 skilled local workers – including certified welders, painters and crane operators – reinforcing its commitment to local content, capacity building and sustainable energy infrastructure in Ivory Coast's rapidly growing oil and gas sector. AGL's recent activities in Africa align with its broader vision to support the continent's energy infrastructure. In addition to the Republic of Congo, Angola and Ivory Coast, the company is currently modernizing the Walvis Bay terminal in Namibia while playing a key role in major energy logistics across Mauritania, Senegal and Mozambique. AGL's Diamond Sponsorship at AEW: Invest in African Energies 2025 underscores its commitment to building robust, multimodal logistics systems that enable energy development and economic transformation across Africa. Distributed by APO Group on behalf of African Energy Chamber.
The Star
27-05-2025
- Business
- The Star
Developing nations face tidal wave of China debt: report
China Road and Bridge Corporation built Africa's longest suspension bridge in Mozambique, with 95 per cent of the funding provided by China. Developing countries are now struggling with debt repayments and interest costs to China. - Xinhua SYDNEY: The world's poorest nations face a "tidal wave of debt" as repayments to China hit record highs in 2025, an Australian think tank warned Tuesday (May 27) in a new report. China's Belt and Road Initiative lending spree of the 2010s has paid for shipping ports, railways, roads and more from the deserts of Africa to the tropical South Pacific. But new lending is drying up, according to Australia's Lowy Institute, and is now outweighed by the debts that developing countries must pay back. "Developing countries are grappling with a tidal wave of debt repayments and interest costs to China," researcher Riley Duke said. "Now, and for the rest of this decade, China will be more debt collector than banker to the developing world." The Lowy Institute sifted through World Bank data to calculate developing nations' repayment obligations. It found that the poorest 75 countries were set to make "record high debt repayments" to China in 2025 of a combined US$22 billion. "As a result, China's net lending position has shifted rapidly," Duke said. "Moving from being a net provider of financing - where it lent more than it received in repayments - to a net drain, with repayments now exceeding loan disbursements." Paying off debts was starting to jeopardise spending on hospitals, schools and climate change, the Lowy report found. "Pressure from Chinese state lending, along with surging repayments to a range of international private creditors, is putting enormous financial strain on developing economies." The report also raised questions about whether China could seek to parlay these debts for "geopolitical leverage", especially after the United States slashed foreign aid. While Chinese lending was falling almost across the board, the report said there were two areas that seemed to be bucking the trend. The first was in nations such as Honduras and Solomon Islands, which received massive new loans after switching diplomatic recognition from Taiwan to China. The other was in countries such as Indonesia or Brazil, where China has signed new loan deals to secure battery metals or other critical minerals. - AFP
The Star
29-04-2025
- Business
- The Star
Serbia's longest tunnel nears completion under Belt and Road Initiative
BELGRADE, April 29 (Xinhua) -- Serbia's longest tunnel, a key project under the Belt and Road Initiative and constructed by Chinese firms, is nearing completion, President Aleksandar Vucic announced Tuesday during a visit to the Iriski Venac construction site. The twin-tube tunnel, part of the 44.41-km Fruska Gora Corridor linking Novi Sad and Ruma, will span approximately 3.5 km in each direction. Vucic confirmed that roughly 6,000 meters have been excavated, and the tunnel is expected to open to traffic in just over a year. "I'm very happy to see the progress here. Soon, the longest tunnel in Serbia will be completed and open to traffic," he said. The project is set to significantly shorten travel time, slashing the journey from Novi Sad to Loznica from three and a half hours to just 90 minutes. Vucic said the corridor will enhance safety, improve connectivity, and boost investment. He also underscored its environmental benefits, noting that by diverting surface traffic, the tunnel will help preserve the biodiversity of Fruska Gora National Park. Vucic was accompanied at the site by Chinese Ambassador to Serbia Li Ming, who hailed the project as a milestone in Serbia-China cooperation. "This tunnel is a symbol of our strategic partnership and a tangible result of the Belt and Road Initiative," Li said. "It strengthens regional connectivity, supports economic growth, and enhances ties between Serbia and its neighbors." Currently, 245 workers and more than 50 pieces of heavy machinery are operating on the site. The tunnel is part of the EUR 606 million Fruska Gora Corridor, built by China Road and Bridge Corporation. Construction began on May 1, 2021.
The Star
27-04-2025
- Automotive
- The Star
China-funded highway brings Cambodian development into fast lane
PHNOM PENH: Traveling south-west from Phnom Penh, a 187-km highway connecting Cambodia's capital with the port city of Sihanoukville passes through 31 townships and 110 villages, including Voa Sar village. When construction of the Phnom Penh-Sihanoukville Expressway, funded by China Road and Bridge Corporation, began in June 2019, the once-quiet village adjacent to the highway suddenly came alive with activity, Chhay Kimsan, the 69-year-old village chief, recalled. Construction workers took breaks there, investors came to scout for land, and factory owners explored opportunities for setting up new plants. Kimsan's small stall selling sticky rice saw a surge in customers, with daily earnings rising from US$1.50 to over US$20. Land prices in the village also doubled, allowing many residents to earn their first significant profits. The village has also signed contracts with three garment factories, creating 1,200 local jobs. "With factories come jobs, and there are so many jobs that we can't find enough people in the village," the village chief said. Today, all 153 households in Voa Sar own a motorcycle, and many families have even purchased cars. "Young people in the village can now drive to Phnom Penh or Sihanoukville on weekends, which was unimaginable before. The expressway has brought us so many benefits," the chief added. Leaving Voa Sar village, trucks loaded with construction materials begin to fill the highway. At a service area along the expressway, a local driver told Xinhua: "I know 'Zhejiang.' It's right next to the highway. That's where we're headed." The "Zhejiang" mentioned by the driver refers to the Koh Kong Zhejiang Special Economic Zone, located at the 135-kilometre exit of the Phnom Penh-Sihanoukville Expressway. Pan Yougen, general manager of the special economic zone, explained that the first phase opened in November 2018, attracting 30 Chinese manufacturing factories and providing jobs for over 10,000 people. "When the first phase opened, the only way to reach it from Phnom Penh or Sihanoukville was via the old National Road 4, which was in poor condition and slow," Pan said. "The opening of the expressway in October 2022 has attracted many new clients to settle down here, with 80 enterprises signing contracts in 2024 alone." Currently, the second phase of the special economic zone is under construction. "According to our plan, the number of workers here is expected to exceed 60,000 in the future," Pan added. "The Phnom Penh-Sihanoukville Expressway has greatly enhanced the local industrial capacity, and the spillover effects will continuously contribute to Cambodia's economic and social development," said Lin Shiqiang, president of the China Chamber of Commerce in Cambodia. With the opening of the expressway, travel time between the capital city and Sihanoukville is reduced from over five hours to under two. As evening approached, Lim Chandarra, manager of Chhne Meas restaurant, was busy attending to customers. He noted that the restaurant, which was already very popular, has seen a 30 to 40 per cent increase in customers since the expressway opened. Chandarra said that the new wave of customers is primarily made up of foreign tourists, many of whom come from Phnom Penh just to eat at the restaurant before heading back. Chan Sophea, president of the Cambodia Hotel Association Sihanoukville, said the expressway has attracted more tourists to visit the port city and learn more about Cambodia. "The expressway has facilitated the movement of people," Chan said. "We can expect Sihanoukville's tourism industry to grow even more rapidly." - Xinhua
Al Arabiya
19-04-2025
- Business
- Al Arabiya
China and Cambodia agree on financing for 94-mile canal linking Mekong to Gulf of Thailand
Cambodia and China have signed a $1.2 billion deal to finance an ambitious canal project that aims to boost trade efficiency by linking a branch of the Mekong River near Phnom Penh to a port on the Gulf of Thailand, the Cambodian government agency heading the project announced Friday. The deal to fund the Funan Techo Canal was signed Thursday during the state visit to Cambodia of Chinese President Xi Jinping , the agency said in a news release. Xi returned home Friday after a three-nation Southeast Asian tour that also included Vietnam and Malaysia. Construction of the 151.6-kilometer (94-mile) canal began last year but was halted shortly after the Aug. 5 groundbreaking ceremony for reasons that were not made clear. Cambodian Prime Minister Hun Manet said at the time that the canal will be built 'no matter what the cost,' emphasizing that the project promotes 'national prestige, the territorial integrity and the development of Cambodia.' Described as a public-private partnership contract, the deal was signed by Deputy Prime Minister Sun Chanthol on behalf of Cambodia's government, and by Ieng Sunly of the Funan Techo Coastal-Inland Waterways Company Ltd., the private sector partner. The project is being developed on a build-operate-transfer basis, with Cambodian investors holding a 51 percent stake, and Chinese investors holding 49 percent. 'The canal will create a new inland waterway-maritime corridor capable of handling vessels up to 3,000 deadweight tons,' according to Friday's announcement. It will encompass canal excavation and the construction of ship locks, navigation and logistics infrastructure. 'As an inland waterway and important transport infrastructure in Cambodia, the FTC Project will become a new engine driving national economic growth,' said Wang Tongzhou, chairman of China Communications Construction Company, in the announcement. He added that 'after completion, it will significantly reduce the comprehensive logistics costs in Cambodia, and promote Cambodia's industry to the middle-to-high end of the value chain.' China Communications Construction Company is the parent company of China Road and Bridge Corporation, the contractor for the project's construction from the Bassac River to the coastal province of Kep. The massive state-owned firm has faced scrutiny for its alleged involvement in financial scandals. It is also blacklisted by the United States for its role in helping the Chinese military construct and militarize artificial islands in the South China Sea. According to Friday's announcement, the canal is expected to create 'up to 50,000 direct and indirect jobs in Cambodia.' Critics have raised concerns that the canal could severely disrupt the Mekong River's natural flood patterns. These disruptions could lead to worsening droughts and a reduction in the nutrient-rich silt essential for Vietnam's vital rice production in the Mekong Delta, a region that sustains millions of people and is a major global rice exporter. The signing announcement, however, stated that 'A rigorous Environmental Impact Assessment, conducted by 48 specialists, confirmed minimal environmental impact.' It added that the Cambodian government has led efforts to minimize resettlement 'with a route designed to avoid dense communities and cultural sites' and that 'a responsible compensation and consultation process is underway.'
