Nicaragua Canal to Break Ground This Year, by World Property Channel
While construction on the $5.25 billion expansion of the Panama Canal resumed last week (on Feb. 20) after a two-week work stoppage caused by a disagreement over $1.6 billion in cost overruns, an even more expensive canal project is in the works. The $40 billion, 170-mile Nicaragua canal project is scheduled to break ground in December 2014, reports a Jan. 14 World Property Channel article. The new canal is expected to rival the Panama Canal when it is completed five years later.
The Chinese consortium HK Nicaragua Development, led by Chinese entrepreneur Wang Jing, won the license to develop the canal last summer. The canal will start at the port of Brito in the Pacific, cross Lake Nicaragua and terminate at Bluefields, Nicaragua’s chief Caribbean port. It is expected to capture 4.5 percent of world maritime freight traffic and double the country’s per capita GDP. The canal is being designed to serve the world’s largest (post-Panamax) ships and to be the shortest passage between Asia and the eastern U.S.
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