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Overview

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

Commitments (Constant USD, 2023)$181,410,799
Commitment Year•2015Country of Activity•Brunei DarussalamDirect Recipient Country of Incorporation•Brunei DarussalamSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2015
Start (planned)
May 6, 2015
Start (actual)
May 6, 2015
End (planned)
Apr 1, 2018
End (actual)
Dec 6, 2017

Geospatial footprint

Map overview

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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. More detailed locational information can be found at: https://www.openstreetmap.org/relation/9283300 and https://www.openstreetmap.org/way/477677140

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownershipAt least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Hengyi Industrial (Brunei) Co., Ltd.

Implementing agencies

State-owned companies

  • China Harbour Engineering Co., Ltd. (CHEC)

Loan desecription

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

Interest type•Unknown

Narrative

Full Description

Project narrative

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.

Staff comments

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.