🏗️ Big week in infrastructure in Suriname

Happy Monday!

This week we cover the new bridge over the Saramacca river and controversies around a crack, the start of the Sea Wall Defense project, the end of the IMF program, and Staatsolie’s successful bond issuance

After 395 days, Saramaccadoorsteek bridge reopens

• The reopening is a major relief for commuters and businesses affected by the closure.
  

• President Chan Santokhi, Vice President Ronnie Brunswijk, and Minister Riad Nurmohamed led the official opening ceremony.
  

• The road connecting to the six-lane bridge still needs reconstruction; the tendering process was redone due to leaks and lobbying.
  

• President Santokhi and Vice President Brunswijk praised Minister Nurmohamed for his efforts on the project.
  

• The bridge is designed to last at least 50 years, and concerns about a visible "crack" are unfounded, as it is part of the bridge’s structure.
  

• Open joints in bridges can cause dirt accumulation, which may affect long-term durability if not maintained properly.
  

• The new bridge uses a continuous bridge deck with flexible joints, reducing maintenance needs and improving driving comfort.
  

• Controlled crack formation in the flexible joints is intentional and does not compromise the bridge’s structural integrity.
  

• Similar joint designs have been used successfully in other bridges in Suriname and abroad.
  

President: First phase of sea wall construction completed in 12 months

• President Chan Santokhi initiated the construction of a 4.5 km sea wall along Brantimakkaweg with an amphibious excavator.
  

• The project, costing $11.6 million, is expected to be completed in 12 months.
  

• The sea wall's construction will increase the land value, especially near the Eduard Alexander Gummels (EAG) international airport.
  

• The project is divided into three phases: strengthening existing dikes, determining the route, and constructing the dike with multiple layers for durability.
  

• Due to erosion, work can only be carried out from the sea, starting with reinforcing dike bodies using clay.
  

• The emergency dike is being built to withstand the sea for a few years, with plans for a larger dike extending to Leonsberg in the future.
  

• The dike aims to protect land and ensure the safety of agricultural production in the region.
  

• The construction is being carried out by a Chinese consortium: China Dalian International Economic & Technical Cooperation Group Company and Long Jian Road & Bridge Company Limited.
  

IMF program successfully concluded 

• President Chan Santokhi announced the successful conclusion of the IMF program, with the ninth and final assessment being positive.
  

• He credited the sacrifices and patience of the people for the successful completion of the program.
  

• The economic restoration phase is over, with debts rescheduled and inflation reduced.
  

• Santokhi met with the Minister of Finance & Planning and the Central Bank Governor to discuss purchasing power reinforcement.
  

• The purchasing power reinforcement for civil servants is set to be completed in April.

New Staatsolie bond raises well above target amount

• Staatsolie's new bond issued on January 31 raised $515.8 million, exceeding the initial target of $304.1 million.
  

• The company expected to raise $109 million in "new" money but ultimately secured $320.8 million.
  

• The funds will finance Staatsolie's 20% participation in the GranMorgu offshore oil field, which requires a total investment of $12.2 billion.
  

• A portion of the $195 million from previous Staatsolie bonds (2020-2025 and 2020-2027) will be refinanced, with over 70% exchanged for the new bond.
  

• The Staatsolie bond 2025-2033, arranged by De Surinaamsche Bank NV, has an eight-year term with interest rates of 7.75% (USD) and 7.25% (EUR).
  

• The bond is tradable on the Dutch Caribbean Securities Exchange (DCSX) and the Suriname Stock Exchange (SSX), with the first interest payment due on September 23, 2025.