Its promoters claim that the resources to build it are there, with no more details, but the announcement of the postponement of the start of the mega work following the huge losses suffered by Wang Jing in the chinese stock market, has only increased the doubts.
Doubts about the feasibility of this project have been present since it was first announced, but they now appear to be increasing given the contradictions arising from the information that the project spokespersons themselves have been giving out.
Arguing that they are improving the design of the waterway, the Chinese company HKND has announced that works will begin in late 2016.
Although December 2015 had initially been stated as the starting date of the primary works on the canal, such as excavation, the Chinese company has now announced that it will postpone these works until the end of 2016.
The company HKND has announced that it is changing the original design of the work so as not to affect sensitive ecological areas, and to meet the demands of the inhabitants of Thule.
In addition to relocating an entrance of the waterway in Brito, the company HKND is also considering making other changes to avoid affecting ecological areas and populations in the area, who have spoken out against the project. One of these is avoiding going through the village of El Tule, which has hosted the largest number of demonstrations against the project.
The consortium formed by the Nicaraguan Llansa Ingenieros, NAP Ingenieros y Nicaragua Ingenieros S.A has been subcontracted by HKND for preliminary works.
Elnuevodiario.com.ni reports that "...The works which began on December 22 consist of the construction of five temporary access roads, improving two existing access roads near port Brito and the West Lock proposed for the Canal, the clearing of a strip of 50 meters along the center line of the proposed route for the Canal and auxiliary facilities. "
The Dispute Resolution Board has ruled that the ACP should recognize $233 million in cost overruns to the contractor giving Grupo Unidos por el Canal an extension of 176 days for the delivery of the works.
On December 22 the concessionaire of the Grand Canal in Nicaragua, HKND started preliminary works, including the construction of access roads to the excavation sites and other facilities.
Representatives from the Nicaraguan government and the president of the Chinese company HKND, Wang Jing, inaugurated the start of the project to build the canal, which will start, according to the concessionaire, with the ancillary works which are needed before the main work can be begin.
Although many still doubt that the mega project will actually be built, it's time to think and take action both to mitigate the adverse effects it may have on the Costa Rican economy and to take advantage of any business opportunities that may present.
Grupo Unidos por el Canal has obtained financing to complete the construction of the third set of locks and requested an extension of 18 days, meaning that the work should be ready in January 2016 and not in December 2015.
The Panama Canal Authority announced that with the bond obtained by Grupo Unidos por el Canal, the construction consortium will be able to complete the construction of the third set of locks, but added that GUPC has filed a new claim, this time for $24 million as a result the effects of a workers' strike which occurred in April and May this year.
Potential investments in land next to a route that has still not been defined will not be realized until there is certainty about what will happen to those properties.
From a statement issued by the Nicaraguan Foundation for Economic and Social Development:
If built, the Interoceanic Canal would have impacts on the national economy which are difficult to pin down because of the magnitude of the project and the limited information available. Due to the relevance of this work and its potential impact on Nicaraguans it is essential to have clear and timely communication and have the necessary information required for a project of such importance, in order to enhance the positive and reduce uncertainty and any negative impact.
The Canal Authority and the consortium Grupo Unidos por el Canal have reached agreements to complete work on the third set of locks.
From a press release issued by the Panama Canal Authority (ACP):
The Panama Canal Authority (ACP) and the contractor Groups Unidos por el Canal (GUPC) signed the contract on Friday formalizing the agreements reached last March to complete the Third Set of Locks construction project.
An agreement has been made to grant an extension of 651 days for the delivery of the work on the Pacific inlet, changing the termination date of the contract to May 31, 2015.
From a statement issued by the Panama Canal Authority:
Panama City, July 23, 2014. - The Panama Canal Authority (ACP) has issued and delivered to the supervision authorities the XXXI Quarterly Report on Progress with Contracts in the Expansion Program, in compliance with Law 28 of 17 July 2006.
Without revealing how it will be financed, HKND Group has presented a draft design which as well as the canal also includes deepwater ports, a free trade zone, a resort, an airport and an artificial lake.
Amid concerns about the lack of information regarding the source of funds to finance the mega project, the government of Nicaragua and HKND reported that the project, in addition to the construction of the canal, will include the construction of two deepwater ports, a free trade zone, a resort and an airport north of Rivas.
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