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Nicaragua, China tycoon say work on $50-billion canal to start in 2014

Published on Jan 12, 2014 12:27 PM

MANAGUA (AFP) - Nicaraguan President Daniel Ortega and Chinese tycoon Wang Jing have said plans to start building a US$40-billion (S$50-billion) canal across the Central American country were on track for late 2014.

Mr Wang Jing's Beijing Interoceanic Canal Investment Management Co. has secured the right to dig a waterway in Nicaragua that will rival the Panama Canal and be hugely significant to world trade if it is completed.

Mr Ortega gave the group a concession to operate the future waterway for 50 years, renewable for another 50.

"The Nicaraguan government and HKND Group are pleased to confirm that canal construction work will begin as planned in December 2014," the two said in a brief statement on Saturday.

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