The contentious Nicaragua Canal project has got the environmental green light and ready to go for construction to begin.
Chinese concession holder, the Hong Kong Nicaragua Development group (HKND), has received environmental and social approval from the state-run Nicaraguan Grand Interoceanic Canal Commission.
At stake in the US$50 billion project is an interoceanic waterway (some 276 kilometres long, up to 520 metres wide, and 30 metres deep); associated road network, two deep-water ports and a free-trade zone.
And, says 50-year concessionaires HKND, phase one is to begin in 2016 and will take five years to complete.
What’s at question is where the bucks will come from. Attempts to obtain European community support for what is opposition to the Panama Canal failed, and HKND has the urge, but has yet to obtain the finance for the project.
However, with China’s ‘Silk Road’ philosophy, money might yet appear.
