Nicaragua cancels a controversial Chinese interoceanic canal concession after nearly a decade
8 months ago

Nicaragua cancels a controversial Chinese interoceanic canal concession after nearly a decade

Associated Press  

MANAGUA, Nicaragua — After nearly a decade, Nicaragua’s congress finally canceled on Wednesday a controversial canal concession granted to a Chinese businessman that critics said endangered the environment and threatened to displace rural communities. The proposed $50 billion, 172-mile canal across this Central American nation was long viewed as a joke that later turned deadly serious. Ortega’s government claimed the canal would create tens of thousands of jobs and stimulate the poor Central American nation’s economy. The canal concession was granted to the Hong Kong-based company HK Nicaragua Canal Development Investment Co. Limited, owned by Chinese businessman Wang Jing.

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