Since 1826, when US Secretary of State Henry Clay floated the idea before Congress and Congress turned it down, an interoceanic canal through Nicaragua has been characterized as a fool’s errand.
26 Nov 2015
Construction on the $50 billion Nicaragua canal has been delayed again and work will not begin until late 2016, according HKND Group, the Chinese company with exclusive rights to build and operate the waterway.
09 Nov 2015
Nicaragua’s government has long claimed that an economic feasibility study by blue-chip U.S. consultancy McKinsey & Co. is crucial to enticing Western investors to its $40 to $50 billion canal project. However, it has been confirmed that McKinsey has not worked on the Nicaragua Canal project since 2014, raising new questions about the Nicaraguan government’s public statements as well as the project’s chances of attracting Western investors.
23 Sep 2015
Construction on the $50 billion Nicaragua Canal, which has been wracked by delays, will not begin until the first quarter of 2016 due to new environmental mitigation measures, according to a high-ranking government official.
31 Aug 2015
The Chinese company behind Nicaragua’s planned $50 billion canal is reportedly willing to change the route to bypass one of the towns opposed to its construction, even though such an alteration would add $700 million to the cost of the project.
17 Mar 2015
Environmentalists and human rights activists warn that Nicaragua’s granting of a 100-year concession to a Hong Kong construction firm with unclear financial backing sets in motion a nightmarish scenario fraught with violence, depletion of the region’s largest source of freshwater and destruction of biodiversity.
03 Mar 2015
Panama Canal Authority CEO Jorge L. Quijano said that it’s possible for Nicaragua and its Hong Kong backer to build a rival canal in five years, but it’s not a “feasible investment from a private investment standpoint.”
02 Feb 2015
When Panama wanted to expand its canal it sought the permission of its citizens through a referendum in 2006 that showed overwhelming approval for the $5.25 billion project. In contrast, Nicaragua allowed a Hong Kong-based company to begin construction in December with no referendum, and is seeing violent resistance to the project, said Panama Canal Authority CEO Jorge L. Quijano.
31 Dec 2014
The lack of detailed financial information on the Nicaragua canal from project leader HKND Group continued this week with the announcement by chairman and CEO Wang Jing that the company was planning to launch an initial public offering to fund the $50 billion waterway.
27 Dec 2014
The Central American canal projects continue to generate questions over funding — where it will come from in the case of the proposed Nicaraguan plan, and where it is going in the Panama Canal upgrade.