The preparation for the main construction work on the USD 50 billion Nicaragua canal is advancing on schedule and the work will start at the end of the year as initially planned, according to local media.
Spokesman for Nicaragua’s Interoceanic Grand Canal Commission, Telemaco Talavera, said the Chinese HKND Group would start the main work at Puerto Brito on the Pacific and the other terminal of Puerto Aguila on the Atlantic after social and environmental impact study is completed.
Earlier this month, the Commission said that it has secured investments from Europe, Asia and America, however the identity of the investors was not disclosed as the process was still at an early stage of development to disclose the information publicly.
The Canal works were inaugurated last December, with construction of a 278 kilometre wet road in the south of the country to unite the Caribbean Sea and the Pacific Ocean through the canal.
The very construction is expected to be completed in five years with the canal becoming operational by 2020.
The project includes two ports, an airport, an artificial lake, two locks, a free trade zone, tourist facilities, roadways and cement factories.
The Nicaragua Grand Canal will be three times longer than the Panama Canal, with the ability to accommodate ships up to 400,000 tonnes.
World Maritime News Staff