PANAMA - The Chinese infrastructure giant, the China Communication Construction Company (CCCC), was awarded a contract to design a third bridge over the Panama Canal, the Panama Canal Authority (ACP) said Friday.

The ACP said in a statement that the Chinese company has presented the lowest budget worth $4.66 million and won the bid over five other competing companies.

The bid was presented in partnership with engineering consultancy firm Louis Berger Group, the ACP said.

Other competing companies included a $4.9 million bid from the TYPSA Principia group, a $6.1 million bid submitted by URS Holdings, a $7.2 million bid from the Puente de Colon JV company, a $8.5 million bid from the group ARUP and a $9.6 million bid from Ty Lin International.

The ACP has specified that the new bridge must be braced with ties, built at 75 meters above sea level with a full length of five kilometers including access roads to the bridge.

Currently, the Bridge of the Americas and the Centennial Bridge - both on the Pacific side - provide the only routes for vehicles to cross the Canal. This new bridge, the first-ever on the Atlantic side of the waterway, will double trans-canal traffic capacity once completed in 2014.