U.S. Embassy in Nicaragua concerned over canal

The U.S. Embassy in Nicaragua said that it was concerned by a lack of information surrounding the planned $50 billion, Chinese-led canal that would bisect the poor Central American nation.

Work began in late December on the 172-mile waterway, which its Hong Kong-based developer HK Nicaragua Canal Development Investment Co. says will be operational by 2020, but so far it has been met with widespread skepticism.

HKND Group is controlled by a little-known Chinese mogul, Wang Jing, who said the Chinese government is not behind the project, but his reluctance to reveal his financiers has led many to speculate he enjoys Beijing's tacit backing.

Source: Reuters