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Nicaragua rushes on for canal deal with Chinese

Tuesday, June 11, 2013


Nicaragua is plowing ahead with a plan to dig a Chinese-funded rival to the Panama Canal across the midriff of the country.

The government is fast-tracking a proposal through the ruling party-controlled congress despite a lack of details about the $40 billion project.

A China-based consortium says it will finance the project and turn over control of the infrastructure to Nicaragua in exchange for a majority of the earnings, which it would share with the Nicaraguan government.



Source: AP