Nicaragua embarks on new, but highly controversial, canal venture

The proposed canal links the Pacific and Atlantic Oceans
The proposed canal links the Pacific and Atlantic Oceans

Nicaragua's President Daniel Ortega has pledged that a new venture to build a canal joining the Pacific and Atlantic oceans will jump-start Nicaragua's economy. A concession for a Hong Kong based consortium to build the canal was approved in June 2013 by the National Assembly. But critics warn that the estimated US$40 billion project will not only cost far more than current estimates, but is impractical to build, will damage the environment and will not bring promised economic benefits. It could take years, if not decades, before either side is proved right or wrong.

<i>President Daniel Ortega and his Nicaraguan government have awarded a Chinese telecommunications company th...

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