Nicaragua close to granting rights to unknown Chinese company for canal

Posted on June 10, 2013 • Filed under: China, Economy, Enviromental Issues, Nicaragua

Nicaragua was placed today on the verge of giving in to a Chinese company for 100 years until a controversial concession to build and operate a deepwater canal between the Atlantic and the Pacific, a work that will last about 10 years and cost 40,000 million dollars.

Two bills that would give the unknown Chinese company HK Nicaragua Canal Development Investment Co., Limited, based in Hong Kong, a concession for 50 years, extendable to another 50, to operate the canal, were sent on Friday to a commission legislation, which initiated the request on its viability prior to discussion in plenary. Read Article

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