A concession to build a canal across Nicaragua linking the Pacific Ocean and Caribbean Sea is to go to to a Chinese company.
Citing Nicagaguan National Assembly legislative leader Rene Nunez, AP reports that the company will use funds from investors around the world to build the $40 billion project. He declined to name the Chinese company and did not give details of the concession.
President Daniel Ortega stated recently that the canal would not go along the San Juan River as it had been planned, but would be built farther north, through the waters of Lake Nicaragua. He saw the project, when completed, as offering an alternative to the Panama Canal.
Source: Associated Press