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Nicaragua Turns to EU for Canal Funds

In a bid to obtain both financial and political support, Nicaragua’s Secretary for National Policy, Paul Oquist has submitted the Nicaragua Canal project to the institutions of the European Union.

World Maritime News reported Mr. Oquist as saying that the move is aimed at seeking technological expertise in building the canal from countries such as the Netherlands and Denmark during the 2015-2020 construction period.

Lautaro Sandino, Nicaraguan Ambassador in Brussels, said that the project has been presented to the EU partners as the Union pushes projects aimed at boosting international trade development cooperation.

Tenders for major infrastructural projects at the Nicaragua Canal are expected to be launched in September, 2015.

The construction of the 172-mile waterway canal begun on December 22, 2014 and is expected to dwarf the size of the Panama Canal.

The US$50 billion canal, which is being overseen by HKND has already raised concerns relating to the lack of private investment, and that the rate of return will be minor in comparison to the funding required for the project.

Nicaraguans have also expressed their disapproval of the project by saying that developments will harm local resources and the environment.



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