Hk Nicaragua Canal Development Investment Co Ltd News

Nicaragua's planned $50 billion canal project is "fraught with risks and uncertainties," and could cause more harm than good unless the government and its Chinese builder fund a host of mitigation measures, an environmental consultancy said. The 172-mile (278 km), Chinese-backed project to rival the Panama Canal is one of the world's most ambitious infrastructure schemes, but it has been met with widespread incredulity, especially over its source of funding and planned 2020 completion deadline. The social and environmental impact study by the consultancy, Environmental Resources Management Ltd, echoed many of the same concerns. It urged Nicaragua's government to verify project builder and operator…

A long-awaited study on the impact of the proposed $50 billion Nicaraguan waterway by a British consultancy has been delivered, a canal official said on Monday, the first major milestone since a symbolic groundbreaking six months ago. The social and environmental impact study by the consultancy, Environmental Resources Management Ltd, will be discussed by an inter-institutional commission in June, before being voted on by the canal commission in July, Telemaco Talavera, spokesman of the government canal commission, said. The 172-mile (278 km), Chinese-backed project, which the Nicaraguan government says will be operational by 2020, is one of the world's most ambitious infrastructure schemes, but has been met with widespread incredulity.

In Nicaragua, a Chinese company is busy building what will become one of the world’s largest transoceanic canals. One of the largest engineering projects in history - They call it the Grand Inter-Oceanic Canal. Engineers say it will surpass the nearby Panama Canal in size and capacity. The canal would be three times as long as Panama’s and able to accommodate larger ships for the world’s cargo traffic. The new project is the largest in Latin America in 100 years. The $50 billion pharaonic project by a Chinese billionaire, Wang Jing, to cross Central America aims to unite the Atlantic and Pacific oceans by halving the Central American nation, has raised a firestorm of criticism even before it begins. And some in Nicaragua are gearing up for the fight of their lives to stop it.

When one of the poorest countries in the Americas and a little-known Chinese businessman said they planned to undertake one of the biggest engineering projects in history, few people took them seriously. A year and a half after the $50 billion project to build a canal across Nicaragua was launched by President Daniel Ortega, a former Marxist guerrilla, the doubts have only grown. Work officially began this week. But reporters hoping to see any evidence of how it would be done in a fraction of the time it took to build the much-shorter Panama Canal, or discover who would pay for it, were left with more questions than answers. At events marking the start of what is meant to be a five- year job…

The Hong Kong-based company with a concession to build a $50 billion shipping canal in Nicaragua said on Tuesday it is preparing to launch an initial public offering. Wang Jing, Chairman and Chief Executive of the HK Nicaragua Canal Development Investment Co Ltd (HKND Group), told reporters in Managua that he hoped the listing would take place in the stock market that offered the best conditions. Wang Jing gave no details of how much HKND aimed to raise, nor when the offering might be. He said the company was preparing a prospectus which would reveal the investors behind the waterway that seeks to compete with the Panama Canal. More than a year since it was first announced…

The Hong Kong-based company with a concession to build a $50 billion shipping canal in Nicaragua said on Tuesday it is preparing to launch an initial public offering. Wang Jing, Chairman and Chief Executive of the HK Nicaragua Canal Development Investment Co Ltd (HKND Group), told reporters in Managua that he hoped the listing would take place in the stock market that offered the best conditions. Wang Jing gave no details of how much HKND aimed to raise, nor when the offering might be. He said the company was preparing a prospectus which would reveal the investors behind the waterway that seeks to compete with the Panama Canal. More than a year since it was first announced…

Nicaragua on Monday broke ground on its Chinese-led $50 billion shipping canal, a massive infrastructure project that aims to rival Panama's waterway and revitalize the economy of the second-poorest country in the Americas. Nicaragua's government says the proposed 172-mile (278-km) canal, due to be operational by around 2020, would raise annual growth to over 10 percent and help put an end to endemic poverty in the country of 6 million people. It could also give China a major foothold in Central America, a region that for years has been dominated by the United States, which completed the Panama Canal a century ago. Construction of the new waterway will be run by Hong Kong-based HK Nicaragua Canal Development Investment Co Ltd (HKND Group)…

Nicaraguan lawmakers grant a 50-year concession to a Chinese company to design, build & manage a shipping channel across the Central American nation to compete with the Panama Canal, reports Reuters. The $40 billion proposal by HK Nicaragua Canal Development Investment Co Ltd's (HKND Group) calls for linking Nicaragua's Caribbean and Pacific coasts and includes plans for two free-trade zones, a railway, an oil pipeline and airports. Hong Kong-based HKND Group is understood to have obtained the Nicaraguan goverment concession. Source: Reuters