Previous Investment for Nicaragua Canal Nears 200 Million USD

TODAY NICARAGUA (Prensa Latina) During the last two years, nearly 200 million dollars were invested in the project of the Inter Oceanic Canal, said here Wang Jing, president of Chinese enterprise HKND, concessionary of the construction.

In a press conference in this capital, Wang Jing said rthere is an integral investment plan, including the evaluation of interested sectors and the operations to quote on the stock markets.

He noted that it was decided to increase the costs of feasibility studies and the resources for them in order to ensure greater protection of the environment, so these investigations have not been completed.

Moreover, he explained that compensation to persons established in the areas near the planned route will be based on ‘Nicaraguan law, market and human principles’.

The citizens of that area will have the choice between a monetary compensation in exchange for their land by others or transferring them to new homes that will be provided, he said. ‘

“All this is done through friendly negotiations face to face. They will be their rights explained and existing standards to perform the best choice “, he said.

Wang Jing presented the plan for the next year in the official ceremony for the start of the construction, and said that during the first quarter of 2015, they will keep on measuring and acquiring the properties in zones close to the place of the construction.

In addition, construction of access roads will continue and the bidding for the preliminary design of the structure will start.

During that period, they will complete and submit a study on the environmental impact of the work and later excavations begin, he said.

By the fourth quarter bidding and design of the locks was done, he added.

According to recent reports, the waterway will have a length of about 278 kilometers, of which a section 105 will be in the Lake Nicaragua.

Passing the Brito River in Rivas, about 100 kilometers from the capital, the project will cross the lake and tour the vicinity of the Tule River to the mouth of Punta Gorda.

Its total cost is valued at 50 billion dollars and is expected to delay building five years.

Besides the Canal, there will be an airport, several roads, an area of free trade, resorts and two ports, at one side of the Pacific Ocean and one in the Atlantic.