Construction on China Backed Nicuaragua Canal Has Begun

Construction on China Backed Nicuaragua Canal Has Begun
Dec 24, 2014 By eChinacities.com

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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.

Source: NBC

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Keywords: Nicaragua Canal

4 Comments

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1

bill8899
comment|53847|81937

Adios Lake Nicaragua.

Dec 27, 2014 20:57 Report Abuse

2

Guest2301262
comment|53799|255695

'.....amid fears that their land will be taken from them.' They have every reason to fear; not just the land but whatever can be reaped from it, for the consumption of their 1.4 billion 'friends' in the East.

Dec 26, 2014 14:44 Report Abuse

3

DrMonkey
comment|53758|264835

"the effect of the canal" => turning a large fresh water lake into a sea water lake, killing all the local fishes in the process, while ruining all the land around the lake.

Dec 25, 2014 09:10 Report Abuse

4

Lord_hanson
comment|53776|279026

agreed, a water source for these people will be destroyed forcing them all to leave the land as they won't have water for crops.

Dec 26, 2014 07:08 Report Abuse