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Nicaragua expects U.S. not to veto canal project

Staff writer ▼ | February 3, 2015
The Nicaragua Canal, the huge project that aims to unite the Atlantic and Pacific oceans by halving the Central American nation, has raised a firestorm of criticism.
Nicaragua canal
A huge project   New canal budget amounts to $50 billion
Francisco Telemaco Talavera, spokesman for the Interoceanic Canal and adviser to President Daniel Ortega, gave a presentation, in which he showed videos, numbers and a power point presentation, at the Casa America de Madrid to calm down detractors of the project.

The HKND Company, headed by Wang Jing, will be in charge of the Canal's construction and manage it for 100 years. The project's budget amounts to $50 billion (10 times more than the expansion of the Panama Canal) and includes the construction of two ports, an airport, a shopping area, and seven tourist resorts.

In the face of such huge business and possible profit that the huge traffic of goods could represent (almost 9,000 ships and $4.2 billion in revenue per year, according to the Government), Nicaragua expects the United States doesn't veto the Canal.

"What is America saying? We're no longer in the Cold War. China and the US are interdependent. In economic terms there is a real pragmatism beyond political differences," said Telemaco.

"The Canal will have European and American investment. China's investment is an opportunity for US companies. Nicaragua will not be a military base for China or Russia. The channel is a commercial investment for the whole world. Even Roberta Jacobson, Secretary of State, said there was no risk, that it was a business opportunity."

The Nicaraguan Government clarified that the Chinese would manage the work, but that they wouldn't build the Canal. “The construction will be open for all companies. The works have not been assigned,"said Telemaco, restating that it was an opportunity for US companies to look favourably on the Canal and make a profit.