The construction of the new canal in Nicaragua is set to begin on December 22

Managua - The construction of a new shipping canal in Nicaragua, which aims to compete with the Panama Canal, will begin on December 22, following the approval of a feasibility study. This was announced by the committee overseeing the construction. The project, valued at $50 billion (1.1 trillion CZK), will span 278 kilometers. The new waterway will be longer, deeper, and wider than the Panama Canal.
    The route of the new canal, named the Interoceanic Grand Canal, was approved this past July. The construction will be carried out by the Hong Kong company HK Nicaragua Canal Development Investment Co Ltd (HKND Group).
    Critics of the plan are concerned about the impact of the construction on the environment, particularly on Lake Nicaragua, which is a vital water source for the country, and on poorer communities.
    A member of the canal construction committee, Telémaco Talavera, stated that the feasibility study should be approved next month. The canal construction is expected to be completed within five years, with operations slated to begin in 2020.
    Bill Wild, the main advisor to HKND for the project, stated that in the first year following the start of construction, more than one million cubic meters of earth will be excavated. "It is a massive project, no one can imagine how extensive and challenging this project is and it may become the largest activity on earth ever undertaken, so it will be a huge task," Wild declared. Initial work will include building access roads to the project, bases for 50,000 workers, and a temporary port on the Pacific coast.
    The proposed canal is set to run around Lake Nicaragua, the largest lake in Central America. Its width will be between 230 and 520 meters and its depth will be 27.6 meters.
    Behind the canal plan is Chinese entrepreneur Wang Jing. However, he currently has no experience in developing or financing large infrastructure projects like the proposed canal. The HKND company was founded by Wang only in August 2012, raising questions about the project's viability, Reuters reported.