Posted on 06/13/2013 1:50:09 PM PDT by My Favorite Headache
Nicaragua's parliament is due to vote on Thursday on one of the biggest infrastructure projects in Latin America's history – a trans-oceanic canal that is to be built and run by a Chinese company.
If it goes ahead, the $40bn (£26bn) scheme, which is twice as expensive as Brazil's Belo Monte dam and likely to be three times longer than the Panama canal, looks set to transform global shipping and jump start the economy of this Central American nation.
As well as the waterway, the draft agreement between Nicaragua and a Hong Kong registered firm — Nicaraguan Canal Development Investment Co Limited – includes provisions for two free trade zones, an airport and a "dry canal" freight railway.
"This will be the largest project in Latin America in 100 years," Ronald Maclean, the executive fronting the operation in Managua told the Guardian. "If Nicaragua gets to do this, it is going to be a transformational project not only for Nicaragua but for the region."
Given the government's large majority, parliamentary approval is expected to be a formality, but critics warn the plan is being rushed through without adequate scrutiny of the environmental impact, business viability and public well-being.
Although hydro-engineering techniques have advanced considerably since the 48-mile (77 km) Panama canal was completed in 1914, the logistical challenge will be enormous. The new canal, which will pass through a much wider stretch of land, is likely to be more than 250km long. It will also be much wider to allow passage by the biggest container ships. The project will be operated by HKDN — a Hong-Kong based firm set up last year that has established a holding company in the Cayman Islands. It will pay $10m a year for 10 years to the Nicaraguan government.
(Excerpt) Read more at guardian.co.uk ...
It will pay $10m a year for 10 years to the Nicaraguan government.
Dear Nicaragua,
Don’t be a sucker.
Nicaraguan dwarfs are becoming more popular in the industry.
Chilean midgets are SO last decade.
“I took Panama.” — Theodore Roosevelt
“I took Nicaragua”. — Hsi Chin-p’ing
Take 5 billion.
Offer the Nicaraguan government $11 million a year .
AP: Nicaragua approves $40 billion Chinese-built canal linking the Atlantic and Pacific oceans.
Done deal.
Like when the canal is completed will all the water from the Pacific empty into the Atlantic?
And then tip over?
Monroe Doctrine, anyone?
To which Al Gore will then talk about all of the sea water flowing into the Atlantic is so much different than it was even 10 years ago and how global warming is to blame yadda...yadda.
Wait till the Nicaraguans start demonstrating against the Chinese ‘colonialists’ and demanding more money for “their” canal...
The Nicaraguan canal route is actually much easier than the Panamanian route. It was a matter of politics as to why they chose the Panamanian route.
“Monroe Doctrine, anyone?”
I’m not sure I follow. This is a business venture. I don’t think the Monroe Doctrine allows us to militarily thwart economic competition. China does not seek to colonize Nicaragua (Which is what the Doctrine states and them, primarily against against European colonization). A Chinese company seeks to develop a business plan, not colonize.
If you are thinking of the miltary advantage this may give the Chinese, may I remind you that they almost have one aircraft carrier and are very limited in troop transport and other logistical areas. Again, I’m not sure the Doctrine allows action unless directly threatened via colonization of the area, though I am in sympathy with your concern.
Interesting that they would try this. The panama canal has size limits (panamax) that have been surpassed in ocean going container ships. The larger ships are much more cost effective, so it make economic sense that way. However, there are clouds on the horizon for global trade.I can see this becoming a big boondoggle.
It’ll be interesting when the Chinese fail.
They’re already building a much wider canal in Panama. Have been for several years.
Approved.
Two hours ago.
I’m sure the whole deal is squeaky clean and there were absolutely no payoffs. China has a very tough anti-bribery law. [sarcasm off now]
I have thought the same thing. I understand Three Gorges is having some problems.
And why would THAT occur?
Cool. First time I've seen the Wade-Giles rendering of El Lider Maximo's name.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.