China Development Bank provides loan for 2.7 km Pulau Muara Besar Bridge Construction Project

In 2015, China Development Bank reportedly issued a loan in support of the 2.7 km Pulau Muara Besar Bridge Construction Project. The borrower of the CDB loan is unconfirmed, although it is likely Hengyi Industrial (Brunei) Co., Ltd., the SPV created for the Pulau Muara Besar (PMB) Oil Refinery and Petrochemical Complex Construction Project, of which this project supports. The proceeds of the loan were to be used by the borrower to finance a $204 million (RMB 1.219 billion) commercial contract between the Brunei Economic Development Board and China Harbour Engineering Co., Ltd. (CHEC), which was signed on May 6, 2015. The purpose of the project was to design and construct a 2.7-kilometer four-lane cross-sea bridge and a 3-kilometer four-lane highway around the island of Pulau Muara Besar. The bridge connects the island of Pulau Muara Besar on Brunei Bay with the mainland of Brunei via Serasa in Brunei-Muara District. The project also supported the development of power, communication and water pipeline networks on the island. CHEC was the contractor responsible for implementation. A formal groundbreaking ceremony took place on May 6, 2015. The project was completed on May 18, 2018 and the bridge was opened to traffic on May 26, 2018.

Additional details

1. The Chinese project title is 的大摩拉岛大桥项目 or 文莱PMB跨海大桥DB项目 or 了如文莱戴姆拉大桥. 2. The borrower of the CDB loan is likely Hengyi Industrial (Brunei) Co., Ltd., the SPV created for the Pulau Muara Besar (PMB) Oil Refinery and Petrochemical Complex Construction Project, of which this project supports. This issue requires further investigation. 3. The face value of the loan is unknown. For the time being, AidData assumes that the loan was issued in the form of a buyer's credit and it financed 85% of the cost of the $204 million commercial contract. This issue warrants further investigation.

Number of official sources

11

Number of total sources

26