No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveNicaraguan lawmakers approve construction of proposed canal

Nicaraguan lawmakers approve construction of proposed canal

MANAGUA – Nicaraguan lawmakers approved a bill Tuesday aimed at creating a $30 billion alternative to the Panama Canal, a project President Daniel Ortega says “will lift the country out of poverty.”

The new law, approved by 85 of 91 legislators, establishes a legal system for the proposed 125-mile canal to connect the Atlantic and Pacific oceans.

The legislation also creates a Grand Canal Authority that will have the power to direct the project’s state and private funding as well as to supervise work on the canal.

Feasibility studies are expected to cost $350 million, while actual construction costs could hit $30 billion. The government is proposing to raise funds through a joint public-private partnership, with the state maintaining a 51 percent stake.

Plans to build a canal across Nicaragua date back centuries but were overtaken by the construction of the 51-mile Panama Canal. In recent years, subsequent administrations have revived the concept as a way to promote development in the second-poorest country in the Americas, after Haiti.

The project’s leader, former Sandinista-turned-Contra commander-turned-Sandinista, Edén Pastora, said Nicaragua’s canal, to be built along one of six proposed routes, would be larger and deeper than the Panama Canal. He also said project leaders have had talks with six countries – including Japan, China, Russia and Brazil – that are interested in investing in the project.

Trending Now

El Salvador’s Safety Outpaces Costa Rica’s Crime in Tourism Race

El Salvador has turned heads this year with a sharp uptick in tourism, pulling in visitors eager for its mix of natural draws and...

Guatemala’s Prison Escape and Central America Security Risks

Guatemala faces ongoing challenges with gang activity, and recent events highlight how these groups test the system's limits. On October 12, officials announced that...

Why This U.S. Expat in Costa Rica Chooses Local Over Headlines

In the weeks leading up to my trip to the US, I scanned several news sites both left-leaning and right-leaning to better inform myself...

US sanctions Colombia’s President Gustavo Petro

The United States announced on Friday financial sanctions against Colombian President Gustavo Petro for failing to combat drug trafficking, drawing a strong response from...

Costa Rica Politics Shaken by Fatal Crash with Eli Feinzaig

A head-on collision on the Bernardo Soto highway in Buenos Aires de Palmares, Alajuela, turned deadly Friday morning, killing Éricka Benavides, advisor to Congressman...

Delta Partners with Starbucks for Unique Coffee Trip to Costa Rica

Atlanta-based Delta Air Lines has teamed up with Starbucks to offer a special travel experience that transforms a private charter flight into an airborne...
Avatar
spot_img
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica