Nicaragua Canal Rival to the Panama Canal

By Finance

 Nicaragua is planning to give a Chinese company a 100 year concession to design and operate a canal that is a connection between the Atlantic and the Pacific. The estimated time for building the canal is about 10 years and cost $40 billion.

The company China HK Nicaragua Canal Development Investment Co Limited, which is located in Hong Kong will have a 50-year concession and after that would be renewable for another 50 years. The Congress of Nicaragua has to approve the deal.

This project is a rival to the Panama Canal and is expected to be wider, to boost the local economy with 10.8% in 2014 and 15% in 2015. The economy of Nicaragua will become one of the world's fastest-growing in the period between 2014-2018. The Great Nicaraguan Interoceanic Canal is expected to include a waterway, railway lines, pipelines, ports and airstrips.