Nicaraguan assembly OKs $40 bln Chinese canal to rival Panama's

[Judi Lynn]

2. Nicaragua waterway to dwarf Panama canal

Nicaragua waterway to dwarf Panama canal

Chinese firm to build and run $40bn trans-oceanic plan as opponents demand proper scrutiny of environmental impacts

Jonathan Watts, Latin America correspondent
The Guardian, Wednesday 12 June 2013 14.42 EDT

Nicaragua's parliament is due to vote on Thursday on one of the biggest infrastructure projects in Latin America's history – a trans-oceanic canal that is to be built and run by a Chinese company.

If it goes ahead, the $40bn (£26bn) scheme, which is twice as expensive as Brazil's Belo Monte dam and likely to be three times longer than the Panama canal, looks set to transform global shipping and jump start the economy of this Central American nation.

As well as the waterway, the draft agreement between Nicaragua and a Hong Kong registered firm — Nicaraguan Canal Development Investment Co Limited – includes provisions for two free trade zones, an airport and a "dry canal" freight railway.

"This will be the largest project in Latin America in 100 years," Ronald Maclean, the executive fronting the operation in Managua told the Guardian. "If Nicaragua gets to do this, it is going to be a transformational project not only for Nicaragua but for the region."

More:
http://www.guardian.co.uk/world/2013/jun/12/nicaragua-canal-waterway-panama