Zhu Xiaoya, assistant to Chinese businessman Wang Jing of speaks during the presentation on the feasibility studies in the building of the Interoceanic Grand Canal, in Managua November 20, 2014. REUTERS/Oswaldo Rivas
MANAGUA, Nov 20 (Reuters) – Construction of Nicaragua’s $50 billion Interoceanic Grand Canal, expected to rival the Panama Canal, will begin Dec. 22 after feasibility studies have been approved, the committee overseeing the project said on Thursday.
The route suggested for the 172-mile (278-km) canal, which would be longer, deeper and wider than the Panama Canal, was approved in July. Construction will be led by Hong Kong-based HK Nicaragua Canal Development Investment Co Ltd (HKND Group).
Opponents of the plan are concerned about the canal’s effect on Lake Nicaragua, an important fresh water source for the country, as well as the impact on poorer communities.
Committee member Telemaco Talavera said the feasibility studies were expected to be approved next month. The plan is to finish the canal within five years, with it becoming operational around 2020.
Officials said some small adjustments were being made to the overall project, including dredging stretches of a lake rather than using underwater explosives.
The proposed canal would pass through Lake Nicaragua, Central America’s largest lake, and will be between 230 meters and 520 meters (755 feet to 1,706 feet) wide and 27.6 meters (90 feet) deep, HKND has said.
Chinese businessman Wang Jing is behind the canal plan, though he has no prior experience developing or financing big infrastructure projects like the planned canal.
Wang only established Hong Kong Nicaragua Canal Development Investment Co (HKND) in August 2012, prompting some to question whether the project was viable. (Reporting by Ivan Castro; Writing by Christine Murray and Simon Gardner; Editing by Alan Crosby)
by David Shepardson (Reuters) – The U.S. Senate Commerce Committee will consider President-elect Joe Biden’s nomination of Rhode Island Governor Gina Raimondo to head the Commerce Department in a hearing...
Inmarsat’s newest and most powerful geostationary satellite to date has entered into commercial service, the company announced today. Inmarsat said that the introduction of its GX5 satellite will provide additional...
December 10, 2020
Total Views: 3384
Sign Up Now for gCaptain Daily
Just enter your email and get hot news every morning
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.