Route for canal across Nicaragua gets approval

[MANAGUA] A Nicaraguan committee approved a proposed route on Monday for a US$40 billion shipping channel across the Central American country that would compete with the Panama Canal.

The committee of government officials, businessmen and academics approved a 278 km route from the mouth of the Brito river on the Pacific side to the Punto Gorda river on the Caribbean that was proposed by executives from the HK Nicaragua Canal Development Investment Co Ltd (HKND Group).

The Hong Kong-based HKND group, which is leading the project, is headed by Chinese lawyer Wang Jing, who also heads Chinese company Xinwei Telecom Enterprise Group.