Nicuaragua announced yesterday that construction has started on the Nicaragua Canal, a 172 mile waterway to connect the Atlantic and Pacific oceans, to rival neighbours Panama. The project will be constructed by Hong Kong based HK Nicaragua Development Investment Co Ltd, controlled by Wang Jing, a Chinese telecom mogul.
The government of Nicaragua hopes that the 50 billion USD project will boost the economy of this desperately poor country and has projected that the Nicaragua Canal will raise annual economic growth by 10 percent.According to current estimates, the Canal will be operation by 2020.
However, the news hasn’t been well received by some local Nicaraguans, thousands of whom have been protesting in the lead up to the project launch, amid fears that their land will be taken from them.
Environmentalists have also expressed concerns over the effect of the canal on the local environment particularly Lake Nicaragua, which the canal will run through.
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Keywords: Nicaragua Canal
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