Panama Canal to get a competitor in Nicaragua
On Monday the 7th of July a Nicaragua committee approved a route for the construction of a channel linking the Atlantic and Pacific Oceans. The estimated construction costs amount to about $40 billion. This project would be a potential competitor with the Panama canal.
The future route proposed by the HK Nicaragua Canal Development Investment Co Ltd, will be 172 mile long and will stretch from the Brito River on the Pacific side to the Punto Gorda River on the Caribbean side.
According to the initial plan of the engineers, the prospective channel will cross Lake Nicaragua, Central America’s largest lake, and is expected to be about 520 meters wide and 27,6 meters deep. The construction of the channel is scheduled to be finished in 2019 and in 2020 the channel is planned to start operations.
The proposed plan is still facing several environmental and social influence investigations, so there could be some changes made to the current project.