(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). Continue reading
Moscow and Managua are to cooperate over the next few years on the construction of the so-called Interoceanic Grand Canal, a new alternative to the Panama Canal. Deeper, wider, and longer than its rival in Panama, the new canal will challenge U.S. control over the region, though experts are divided on its geopolitical benefits for Russia.
The main investor is the Chinese company HKND, which has received a 100-year concession for building and operating the canal. The construction will be carried out by workers from China and Central America, while Russia, according to the RBTH source, will provide not so much economic and organizational assistance as military and political support. Continue reading
China and Russia arе embarking on a big geopolitical and economic venture of laying in Nicaragua a rival to the USA brainchild, the Panama Canal.
This was disclosed to the “Voice of Russia” by Petr Yakovlev, the head of the Center for Iberian Studies, Institute of Latin America, Russian Academy of Sciences. The expert said that Russian companies are holding talks with Chinese partners on how to participate in this strategic project in Latin America.
The start of the construction is planned for December 2014. Longer time slots had been proposed earlier. It is possible that adjustments have been made following the probable participation of Russian companies in the project. Given the confidentiality of negotiations, Peter Yakovlev did not reveal the names of the Russian companies participating in them. Continue reading