17.06.2013

Artikel Nummer: 2241

Competition for Panama Canal

The Nicaraguan Congress has officially approved a proposal to have a canal built that links the Pacific and the Atlantic Oceans. A Hong Kong-based company has been granted a 50-year concession to build the waterway, which will rival the Panama Canal. The concession could be extended for another 50 years once the canal is operational. Estimated to cost USD 40 billion, the project will include an interoceanic canal, an oil pipeline, an interoceanic dry canal freight railroad, two deepwater ports, two international airports and a series of free-trade zones along the canal route. More details about the concession holder, proposed route, the timeline for the construction and the potential environmental impact are yet to be released.