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Nicaragua approves of its HK's Nicaragua canal scheme to rival Panama
NICARAGUA has given the green light to a proposal by a Hong Kong-based company to build a US$40 billion shipping channel across the Central American nation by 2020 that would compete with the Panama Canal.
Nicaragua's committee of government officials, businessmen and academics approved a 278-kilometre route from the mouth of the Brito River on the Pacific side to the Punto Gorda River on the Caribbean, reported Reuters.
The plan was raised by executives from Hong Kong Nicaragua Canal Development Investment Co Ltd (HKND Group) that is leading the project under Chinese lawyer Wang Jing, who also heads the Xinwei Telecom Enterprise Group.
The proposed canal would pass through Lake Nicaragua, Central America's largest lake, and will be between 230 metres and 520 metres wide and 27.6 metres deep, said HKND engineer Dong Yunsong.
The proposed route still faces environmental and social impact studies that are expected to be finished later this year to allow work to begin by December, said committee member Telemaco Talavera.
Opponents of the plan are concerned about the canal's effect on Lake Nicaragua, an important fresh water source for the country, as well as the impact on poor communities.
The proposed channel would be three times longer than the 77-kilometre Panama Canal, which took the US a decade to build and opened in 1914.
Nicaragua's committee of government officials, businessmen and academics approved a 278-kilometre route from the mouth of the Brito River on the Pacific side to the Punto Gorda River on the Caribbean, reported Reuters.
The plan was raised by executives from Hong Kong Nicaragua Canal Development Investment Co Ltd (HKND Group) that is leading the project under Chinese lawyer Wang Jing, who also heads the Xinwei Telecom Enterprise Group.
The proposed canal would pass through Lake Nicaragua, Central America's largest lake, and will be between 230 metres and 520 metres wide and 27.6 metres deep, said HKND engineer Dong Yunsong.
The proposed route still faces environmental and social impact studies that are expected to be finished later this year to allow work to begin by December, said committee member Telemaco Talavera.
Opponents of the plan are concerned about the canal's effect on Lake Nicaragua, an important fresh water source for the country, as well as the impact on poor communities.
The proposed channel would be three times longer than the 77-kilometre Panama Canal, which took the US a decade to build and opened in 1914.
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