Nicaragua begins the construction of a $ 50 billion canal

Nicaragua initiated yesterday the construction of a gigantic waterway of 50,000 million dollar, a project led by a Chinese businessman. This work aims to compete with the Panama Canal.

The government of President Daniel Ortega said that the canal of 278 kilometers, which would start operations around 2020, aims to boost an annual economic annual growth greater than 10% and it would help to end the endemic poverty in Nicaragua.

The construction of the canal will be in charge of the company based in Hong Kong, Canal Development Investment Co (HKND), controlled by Wang Jing, a businessman of  telecommunications.