Nicaragua Announces It Will Build Its Own Panama Canal. Is It Serious? Yesterday Nicaragua’s Congress voted 61 to 28 to grant a Chinese company a 50-year license to “design, develop, engineer, finance, construct, possess, operate, maintain and administer” a canal between the Atlantic and Pacific Ocean, to compete with the Panama Canal. The project is expected to take 11 years and cost $40 billion. The winner of the deal, Hong Kong Nicaragua Canal Development Investment Company, run by a telecom magnate named Wang Jing, is described by Time as “an enigmatic firm that was recently registered in the Cayman Islands and supposedly based in Hong Kong [that] doesn’t appear to have any direct ties to the Chinese government, nor any international experience managing infrastructure projects.”
Posted on: Sat, 15 Jun 2013 08:48:36 +0000
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