Nicaragua’s canal plans hit by delays

Wang Jing, the Chinese businessman who once studied traditional medicine, and made his fortune in the telecoms industry before developing an interest in canal-building, said last year that construction would begin in December 2014. However, Manuel Coronel Kautz, the president of Nicaragua’s canal authority, announced that the project will not break ground until 2015.

Wang’s HK Nicaragua Canal Development Investment Company was awarded the 50-year, concession last year despite critics casting doubt on whether the group has the experience for such an immense project.

Besides the waterway itself, which at around 190 miles in length would be three times the length of the Panama Canal, the project is also slated to include two deep-water ports, two free-trade zones, an oil pipeline, a rail line and an airport. All told it is expected to cost in the region of US$40bn.