Nicaragua approves route for $40 billion canal linking oceans

(Reuters) – A Nicaraguan committee approved a proposed route on Monday for a $40 billion shipping channel across the Central American country that would compete with the Panama Canal.

The committee of government officials, businessmen and academics approved a 172 mile (278 km) route from the mouth of the Brito river on the Pacific side to the Punto Gorda river on the Caribbean that was proposed by executives from the HK Nicaragua Canal Development Investment Co Ltd (HKND Group).

Nicaragua gives Chinese firm contract to build alternative to Panama Canal

Nicaragua has awarded a Chinese company a 100-year concession to build an alternative to the Panama Canal, in a step that looks set to have profound geopolitical ramifications.