Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

Video: Milan is starting point for Syrian refugees’ European odyssey

Read more

WEB NEWS

Russian aid convoy: Mission accomplished?

Read more

WEB NEWS

Actor Orlando Jones lauches 'Bullet Bucket Challenge'

Read more

IN THE PAPERS

'Macron Economics'

Read more

BUSINESS DAILY

Macron-economics, the former banker turned minister

Read more

IN THE PAPERS

'The capital of sex, drugs, alcohol, trash and trashy tourism'

Read more

MEDIAWATCH

French government crisis: 'Krankreich' not Frankreich

Read more

DEBATE

Hollande's Last Chance: Can Weakened President Reform Without Left Flank? (part 2)

Read more

DEBATE

Hollande's Last Chance: Can Weakened President Reform Without Left Flank?

Read more

  • Video: Milan is starting point for Syrian refugees’ European odyssey

    Read more

  • France’s Hollande puts young ex-banker in top economy post

    Read more

  • Video: Iraq’s Yazidis flee to spiritual capital of Lalish

    Read more

  • Airstrikes and Assad - Obama’s military conundrum in Syria

    Read more

  • IMF’s Lagarde put under formal investigation in French corruption case

    Read more

  • American journalist held captive in Syria arrives in US

    Read more

  • In pictures: France’s new ministers

    Read more

  • 'Lasting' ceasefire agreed for Gaza, Abbas says

    Read more

  • Far-right ‘Russian Jihad’ fighters cross into Ukraine

    Read more

  • American 'Islamic State fighter' killed in Syria

    Read more

  • The ‘war’ at the heart of France’s ruling party

    Read more

  • Burger King to buy Canada's Tim Hortons for $11 billion

    Read more

  • Rebels 'shoot down' UN helicopter in South Sudan

    Read more

  • Air France pilots threaten September strike

    Read more

  • WHO seeks stricter regulation for e-cigarettes

    Read more

  • World’s ’most expensive’ apartment to go on sale in Monaco

    Read more

Americas

Nicaragua canal construction to begin in December

© AFP

Text by FRANCE 24

Latest update : 2014-01-12

President Manuel Ortega said on Saturday that the construction of a massive inter-oceanic canal in Nicaragua that could significantly alter global trade would start at the end of 2014.

“The Nicaraguan government and HKND Group are pleased to confirm that canal construction work will begin as planned in December 2014,” Ortega announced alongside Chinese tycoon Wang Jing, whose group has secured the rights to dig and operate the waterway.

Ortega gave the Chinese group a concession to manage the future shipping channel for 50 years, with the possibility to renew the contract for another 50.

The massive 30-billion-euro project would connect the Pacific and Atlantic Oceans, and rival the century-old Panama canal.

The Panama canal is currently building a new lane of traffic to double its capacity, but the expansion is running behind schedule.

Nicaraguan authorities have said that besides the future waterway, their project would include an oil pipeline, an overland route, two deepwater ports, two airports and duty-free zones.

Nicaraguan legislators in June approved granting Wang Jing the canal concession, and in December the Supreme Court in Managua said the project did not violate the constitution.

Opponents say the project is not financially feasible and have raised concerns about displacing indigenous groups and damage to the environment.

Saturday’s announcement appeared to contradict recent government statements that construction would be delayed until 2015.

One week ago, Manuel Coronel Kautz, president of the canal authority, told a national newspaper that digging would not start on time because the canal’s path remained undefined.

(FRANCE 24 with AFP, AP)

Date created : 2014-01-12

COMMENT(S)