Nicaragua Canal Construction Set for December
- Business & Finance
Finally, after year and a half of waiting, date for the beginning of construction work on the Nicaragua Grand Canal project has been revealed.
Work on the $50 billion worth Canal that will link the Atlantic and the Pacific is set to begin on December 22nd after feasibility studies have been approved.
“We are ready to begin,” said Zhu Xiaoya, the Hong Kong Nicaragua Development (HKND) representative.
“We are going to follow strictly the construction plan for the canal,” Xiaoya said yesterday at a news conference in Managua, Nicaragua. “We are fully prepared to develop our work, controlling the impact on society and the environment.”
According to the HKND, the future canal would pass through Lake Nicaragua, Central America’s largest lake, and will be between 230 meters and 520 meters wide and 27.6 meters deep, HKND has said.
On the 13th of June 2013, the Nicaraguan parliament gave its approval for the government to sign the Master Concession Agreement with the HKND Group.
The agreement formally granted the sole rights to the HKND Group to plan, design, construct and thereafter to operate and manage the Nicaragua Grand Canal and other related projects, including ports, a free trade zone, an international airport and other infrastructure development projects.
In addition, there will be construction of a power station, cement factory, steel factory and other related facilities to ensure the successful completion of the canal within 5 years.
Dredging Today Staff