Who is financing the construction of the Nicaragua Canal?
On 26 September 2012, the Nicaraguan Government and the newly formed Hong Kong Nicaragua Canal Development Group (HKND) signed a memorandum of understanding that committed HKND to financing and building the “Nicaraguan Canal and Development Project”. HKND Group is a private enterprise.
What was the route of the Nicaragua Canal?
Construction of a canal using the San Juan River as an access route to Lake Nicaragua was first proposed in the early colonial era. The United States abandoned plans to construct a waterway in Nicaragua in the early 20th century after it purchased the French interests in the Panama Canal.
How is the Nicaragua Canal affecting the environment?
Some of the natural habitat of at least 22 endangered species would be destroyed in the construction. Another major environmental concern is the project’s impact on Lake Nicaragua, the largest source of freshwater in Nicaragua.
Are there any man made waterways in Central America?
The idea of constructing a man-made waterway through Central America has been thought about throughout history. The colonial administration of New Spain conducted preliminary surveys. The routes suggested usually ran across Nicaragua, Panama, or the Isthmus of Tehuantepec in Mexico.
What did HKND do with the Nicaragua Canal?
The canal concession enabled HKND to expropriate large areas of land for the canal and side projects, and required compensation for current owners merely at assessed rather than market value—although more recently HKND has said it would pay a fair price for the expropriated properties.
When did the Nicaragua Canal project get suspended?
In November, HKND announced that major work on the canal would be suspended until late 2016, probably after the national elections, with some preparations around the Pacific port continuing. The best efforts of the infrastructure paparazzi have found a few spadesful of dirt turned over by dignitaries and a few kilometers of access road built.
Where does the Nicaragua Canal start and end?
The route starts from the mouth of the Brito River on the Pacific side, passes through Lake Nicaragua, and ends in the Punta Gorda River on the Caribbean. The proposed canal would be between 230 and 520 metres (750 and 1,710 ft) wide and 27.6 metres (91 ft) deep.