Work starting on a US $40 billion canal connecting Nicaragua's Atlantic and Pacific oceans, being built by Chinese billionaire, Wang Jing, heavily backed by Nicaragua's Sandinista government,
Wang's HKND Group, a unit of holding company HK Nicaragua Canal Development Investment, has engaged China Railway Construction Corporation (CRCC) to design the canal. CRCC designed China's largest civil engineering project - the Three Gorges Dam.
The project might be nearly as expensive and technically formidable as construction of the Panama Canal, which marks its centenary in 2014. Construction of a Chinese Canal in the Western Hemisphere will be seen as a bold challenge to United States pre-eminence in the region.
Date written/update: 2013-11-20