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Nicaragua says finance ready for inter-ocean canal

Tuesday, September 11, 2012


The Nicaraguan government has signed a memorandum of understanding with a Hong Kong-based company to handle the financing for the country's $30 billion inter-oceanic canal.

The Nicaraguan Congress approved a bill in July that authorized the construction of the inter-oceanic canal. The canal will link the Pacific Ocean to the Atlantic Ocean from Monkey Point to Puerto Corinto.

The ambitious plans call for construction to be partially completed by 2019 when the canal would have the capacity to accommodate 416 million metric tons of cargo.

Source: Break Bulk