Panama Boss Slams Nicaragua Canal


CEO of the Panama Canal Authority (ACP) Jorge L. Quijano has spoken out over the ethicality of constructing the Nicaragua Canal without first seeking permission through a referendum in the same way that Panama did in 2006.

According to the Journal of Commerce, Quijano believes the difference between both canals comes down to investment. Panama is investing its own capital, and commenting on Nicaragua’s situation, Quijano said: “Somebody else is going to do it for them.”

Quijano added: “There is a very basic reason why we went through the process and maybe why Nicaragua is not doing it.

“One is that we have to finance this project, and financing would have to come from certain levels of sacrificing from the people. Every country has its government which is sovereign and can do whatever they feel needs to be done for a particular project.

“In our case it was one where we, ACP, was actually financing the project and we have to go out and get loans and all that. And the Nicaraguan point of view I guess is that somebody else is going to do it for them, if it gets done, so it’s totally a different concept.”

The Nicaragua Grand Canal has a total estimated cost of US$50 billion and is being overseen by the Hong Kong based HKND Group under a 50-year concession.

Construction of the Nicaragua Canal commenced in December, 2014 and concerns have already surfaced as to who will be financing the project and the lack of information provided by HKND.

(Source: Blog Ponant)

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