The expansion of the Panama Canal has overcome labor disputes, legal battles, and even technical issues, but the project is almost complete. When projects such as these occur on such a massive scale, big delays and budget overruns are inevitable, but usually the financial backers can always find the money to complete the projects. However, this may not be the case for the Nicaragua Canal. This canal is being built in order to allow large Post-Panamax ships to travel as the Panama Canal’s current locks are not big enough. Nicaraguan officials also believe that the investment will boost the economy and living standards. The canal would be one of the largest infrastructure projects in human history, but many are skeptical as no evidence of actual construction has been found since August 2015, despite the Nicaraguan government insisting that ground was being broken.
globalEDGE Blog - By Tag: nicaragua
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Earlier this week construction began on a canal that will link Venado on Nicaragua's Caribbean coast to Puerto Brito on the country's Pacific side. The secretive project has an estimated price tag of $50 billion, which is four times the size of Nicaragua's economy, and the government claims it would create at least 50,000 jobs for construction and 200,000 more upon completion. A rival to the Panama Canal, this channel hopes to fuel growth within the agricultural, industrial, and manufacturing industries by facilitating heavy freight transportation.
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In July, the Chinese company HK Nicaragua Canal Development Investment Co. Ltd. (HKND Group), released a finalized route for the canal they have been contracted to build across the Central American country of Nicaragua. The Hong Kong based investment group plans to break ground on this project in December, however there is still a great deal of speculation on whether or not this canal, which has been dubbed the biggest engineering project in human history, will ever come to fruition. If this ambitious project is in fact completed, it will have a major impact on both the global freight industry, and the economy in Central America, specifically in Nicaragua.
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In what would be a great engineering feat, plans for a canal to connect the Atlantic and Pacific Oceans in Nicaragua have been finalized. The idea of a Nicaraguan canal goes back to the 19th century, when officials in the United States looked into the feasibility of a canal project. Nicaragua ended up being passed over when Panama was chosen as the site for a trans-oceanic canal by Congress in 1902. After the Panama Canal’s construction, talks of a Nicaraguan canal died down until the early 21st century. With increasing world trade and the need for quick shipping, the idea of a second canal connecting the Atlantic and Pacific Oceans was proposed by the Nicaraguan government.