Hong Kong, Macao and the western Chinese province of Guangdong have reached financing deals for a $7bn bridge linking the three, one of the world’s most ambitious infrastructure projects.

The 29.6km bridge, first proposed 25 years ago, will connect Hong Kong on the eastern side of the Pearl River with Macao and the mainland city of Zhuhai in Guangdong to create a regional economic hub. It is expected to cut travel time between Zhuhai and Hong Kong from about three hours to 20 minutes, which advocates hope will draw investment to the west of the Pearl River.