Chinese firm to build Nicaragua's alternative to Panama canal
PANAMA CITY (AP) - A concession to build a canal across Nicaragua linking the Pacific Ocean and Caribbean Sea will be awarded to a Chinese company, the National Assembly president said Wednesday.
Legislative leader Rene Nunez said the company will use funds from investors around the world to build the US$40 billion (S$50 billion) project.
Mr Nunez talked to local media after two bills for streamlining the process of building the canal and assessing its environmental impact were presented to lawmakers.
Opposition congressman Luis Callejas said lawmakers have been asked to discuss the bills Friday. The government plans to grant the Chinese company a concession for 100 years, he said.