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Latin America Investment News on Viva Tropical

Six Countries Want a Piece of Nicaragua’s $30 Billion Interoceanic Canal

Article Summary:

Nicaragua is entertaining offers from six countries, two of them American, who expressed interest in providing funding for an interoceanic canal through Nicaraguan territory valued at U.S. $30 billion.

Photo Credit: Prensa Libre

Original Article Text From Prensa Libre via Google Translate :

Six countries are interested in inter-oceanic canal in Nicaragua

“We have talked with Japan, China, Russia, Venezuela, Brazil and South Korea and everybody is interested,” he told local television the delegate of the government of Daniel Ortega for dredging the San Juan River border, the former commander rebel Eden Pastora.

Ortega sent last Tuesday to Parliament the text of the “Great Canal Project in Nicaragua,” which would link the Atlantic with the Pacific through six routes, one of which the San Juan River, bordering Costa Rica. The proposal establishes a joint venture that would manage the channel, in which the government would have 51% of the shares and the company that wins the tender for 49%, the ruling party lawmaker Alba Palacios.

According to the project designs and studies feasibility could cost about $ 350 million, and works about $ 30 billion, part of which will provide the State. According to Pastor, the Nicaragua Canal “will be wider, deeper and more water” than Panama and will become the project to overcome poverty in Nicaragua.

Deputy Minister of Environment, Roberto Araquistain, said the government plans to fix “all the environmental damage” causing “the excavation and construction of the canal,” which could affect a million hectares of forests. Nicaragua began dredging in the San Juan in late 2010, sparking tension with the government of Costa Rica, accusing its neighbor of invading a small river island, a case is in court International Justice in The Hague.

Link to Original Article:

From Prensa Libre

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