Hyundai Engineering & Construction (Hyundai E&C) announced on Feb. 5 that it has won a $2.81 billion order to build Line 3 of Panama Metro (51 percent), along with POSCO E&C (29 percent), and Hyundai Engineering (20 percent).
Hyundai E&C has received accumulated orders of about 3.8 trillion won so far this year, including orders from Qatar’s Lusail Plaza Tower PLOT 3,4 (worth 1.2 trillion won), Singapore’s Punggol Sports Center (worth 190 billion won), and Algeria’s Combined Thermal Power Plant (about 674 billion won) that it won in January.
It is a 25-kilometer monorail construction project that connects Panama City with the western part of the capital, and the construction period is 54 months from the date of the construction.
The consortium of Hyundai E&C topped the bidding evaluation results released on Nov. 18, 2019, beating leading global rivals in all areas of technology, commerce and finance.
In particular, the project included a commercial bid for a financial proposal issued by the Panamanian government to sell the Certificate No. Objection (CNO). Japan International Cooperation Agency (JICA) offered a long-term loan for the project.
The consortium submitted a closer partnership with the Export-Import Bank of Korea, the Korea Trade Insurance Corporation and leading global banks.
“The order is an example of Hyundai E&C's competitiveness and excellence in the civil business sector by beating the world's leading competitors in technology, commerce and finance," said a company official.
