The US$50 billion Nicaragua Canal, which commenced construction at the end of 2014, is moving along smoothly as the preparation for the main construction work is expected to begin by the end of 2015, as was originally the developers’ plan, according to World Maritime News.
The Nicaragua Canal feasibility study was recently delivered, with experts saying that the project offers potential benefits for the people and environment of Nicaragua.
Telemaco Talavera, a Spokesman for Nicaragua’s Interoceanic Grand Canal Commission, said the Chinese-led HKND Group is due to start work at Puerto Brito –along the Pacific – as well as on the terminal of Puerto Aguila on the Atlantic side.
The commission went on to say that it has secured investments from Europe, Asia and America; however, the identity of the investors was not disclosed.
Despite the proposed funding and potential benefits, the canal project has caused uproar among the peoples of Nicaragua, with many accusing the Nicaraguan government of selling the country to the Chinese.
The canal is anticipated to be completed and operational by 2020.