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Nicaragua announces start of China-backed canal to rival Panama
Published Tue, Dec 23, 2014 · 09:50 PM
Managua
NICARAGUA on Monday announced the start of work on a US$50 billion shipping canal, an infrastructure project backed by China that aims to rival Panama's waterway and revitalise the economy of the second-poorest country in the Americas.
The groundbreaking was largely symbolic, as work began on a road designed to accommodate machinery needed to build a port for the canal on the Central American country's Pacific coast.
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