Nicaragua approves building of new canal
June 20, 2013 Category Inland river transport, Logistics
The Nicaraguan Congress has approved a proposal to have a canal built linking the Pacific and the Atlantic Oceans. A Hong Kong-based company – the Hong Kong Nicaragua Canal Development Investment Co (HKND) – has been granted a 50-year concession to build the waterway, which will rival the Panama Canal. Development plans include two free-trade zones, a railway, an oil pipeline and airports. HKND is headed by Chinese lawyer Wang Jing, who also leads Xinwei Telecom Enterprise Group, which last year received a cellphone concession in Nicaragua. “Central America is at the center of North-South and East-West global trade flows, and we believe Nicaragua provides the perfect location for a new international shipping and logistics hub,” Wang said in a statement after the plan’s approval. Feasibility studies are expected to be completed by 2015, when work on the canal could begin. Any design would almost certainly bisect Lake Nicaragua. The channel would likely be three times longer than the 77-kilometer Panama Canal, which took the U.S. a decade to build at the narrowest part of the isthmus. It was completed in 1914.
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