Nicaragua signs memorandum with Chinese company to build a canal between two oceans

NICARAGUA – September 10th, 2012 – The president of the Republic of Nicaragua, Daniel Ortega, stated that his government has signed a memorandum with a company located in Hong Kong, China, for the construction of the Great Interocean Canal of Nicaragua.

 

Nicaragua and Chinese agree to build canal

“I want to communicate to the Nicaraguan people, to the Nicaraguan families, that this very afternoon we signed a memorandum of agreement in which the State of Nicaragua, through its representative, the president of the Canal Authority, authorizes the company HK-Nicaragua to manage the financing of the project for the inter-ocean canal in Nicaragua,” explained the Nicaraguan president.

 

Ortega indicated that currently, specialists from Holland are working on research, which will be utilized by the Chinese during the development of the canal.

 

He explained that the Chinese company, Investment Company for the Development of the Great Nicaraguan Canal, will work to develop the canal that will connect Pacific Ocean with the Atlantic Ocean, starting in Monkey Point and ending in Puerto Corinto.

 

Ortega said that the construction of the canal would utilize the most advanced technology currently available.

 

The president also stated that his country’s dream of an inter-ocean canal goes back some 500 years, when the Spaniards conquered the country and began to search for a way to pass between the two oceans, and with it, the desire to dominate Nicaragua.

 

According to spokespeople, the canal will take an approximate 10 years to be built, and will cost $30 billion US dollars.  According to the agreement, the Nicaraguan canal will be partially built by 2019, by which time it will have the capacity to transport 416 million metric tons, which would represent 3.9% of the world’s maritime load.

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