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Nicaragua: Chinese canal BIGGER than Panama breaks ground01:09

Nicaragua: Chinese canal BIGGER than Panama breaks ground

Nicaragua, Managua
December 24, 2014 at 00:43 GMT +00:00 · Published

Chinese company HKND launched work on the ambitious Grand Canal of Nicaragua project at an official opening ceremony held in Managua Monday.

The $50 billion (€41 billion) waterway will stretch for 278 kilometres (172 miles) and is expected to be longer, deeper and wider than the Panama Canal.

The HKND Group (Hong Kong Nicaragua Canal Development Investment Co Ltd) has said they believe the project should be finished within five years and fully operational by 2020. The project is also expected to include two ports, an airport, a resort, and an economic zone.

The project has come under fire from critics who are concerned about the environmental impact the canal will have on the largest source of fresh water in the country, Lake Nicaragua.

Nicaragua's Vice-President Moises Omar Halleslevens said that the canal "will change the economy of the country."

Nicaragua: Chinese canal BIGGER than Panama breaks ground01:09
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Description

Chinese company HKND launched work on the ambitious Grand Canal of Nicaragua project at an official opening ceremony held in Managua Monday.

The $50 billion (€41 billion) waterway will stretch for 278 kilometres (172 miles) and is expected to be longer, deeper and wider than the Panama Canal.

The HKND Group (Hong Kong Nicaragua Canal Development Investment Co Ltd) has said they believe the project should be finished within five years and fully operational by 2020. The project is also expected to include two ports, an airport, a resort, and an economic zone.

The project has come under fire from critics who are concerned about the environmental impact the canal will have on the largest source of fresh water in the country, Lake Nicaragua.

Nicaragua's Vice-President Moises Omar Halleslevens said that the canal "will change the economy of the country."

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