(Yicai Global) Jan. 9 -- Major state owned international engineering contractor China Civil Engineering Construction Corp. has signed a USD2.477 billion double-track transit line concession deal to design, construct and operate a 39.64 kilometer urban streetcar line in Colombia's capital of Bogota.

CCECC will take charge of the design, financing, construction and operation of the public transit line and its various auxiliary facilities, including 17 stations, its parent China Railway Construction Corp. announced in a statement yesterday.

This latest undertaking by the CRCC unit comes on the heels of similar massive engineering projects it has assumed in Israel, Indonesia, Nigeria, Congo, Bangladesh and Ghana, and further cements the company's position as the contractor of choice in international infrastructure development projects.

Construction of the tram line is expected to cost USD143 million, 20 percent of which CCECC will pay directly, with the rest financed by bank loans.

The build, own, operate, transfer project will have a 26-year concession term, including 4 years' preparation and construction, followed by 22 years of trials and actual operation, whereupon ownership will revert to the city.

CRCP's shares [SHA:601186] rose up 0.59 percent to CNY 10.16 (USD1.46) in afternoon trading on the news.

Editor: Ben Armour