World News
Deal for Nicaraguan Alternative to Panama Canal Ratified
The Nicaraguan National Assembly has officially ratified a deal with the Hong Kong-based HKND Group to develop a canal across the Central American nation that would compete with the Panama Canal, HKND Group said in an emailed press release.
"We are honored to be given the opportunity to develop this transformational project that has the potential to bring tremendous, long-term economic benefits to Nicaragua, to the region, and to international shippers and consumers around the world," said the company's chairman, Wang Jing, who is also the head of Chinese telecom company Xinwei, adding that "it is very early in a long process."
"We are committed to building and operating the Nicaragua Canal and Development Project in accordance with international best practices."
Wang said the canal, which will allow for the passage of larger ships than the Panama Canal, will provide economic opportunity and help global trade flows.
"Global shipping demands the efficiency and cost competitiveness of increasingly larger ships, and we believe this project will serve that still-unmet need," he said.
"We are confident that this project will be an economic success for Nicaragua, for the region, for trading partners around the globe, and for HKND Group."
The company said the canal will not follow the San Juan River, as had once been proposed, and said the route is still under consideration.
Previous reports had said the current plan was for the canal to be built through Lake Nicaragua.
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