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Nicaragua wants China to back $30 billion canal

Thursday, June 7, 2012

Nicaragua is pressing ahead with plans for a new $30-billion Panama-style canal linking the Atlantic to the Pacific, with China, Japan and South Korea reportedly expressing interest in the project.

President Daniel Ortega submitted a draft bill on Tuesday that details six possible routes for the proposed waterway, one of which would pass through the San Juan River that forms part of the border with Costa Rica.

"We've had talks with Japan, China, Russia, Venezuela, Brazil and South Korea and everyone is interested" in contributing to the $30 billion mega-project, project director Eden Pastora told local television.

Source: AFP