Financing of Oceanic Canals

The Government of Nicaragua has announced the constitution of a company in Hong Kong in order to raise the necessary capital to build the wet and dry canals projects it has planned.

Friday, September 7, 2012

From an article in Elpueblopresidente.com:

The President, Daniel Ortega, said the Government had signed a memorandum of understanding with a company incorporated in Hong Kong, China, for the construction of the Grand Interoceanic Canal in Nicaragua.

"I want to tell the people of Nicaragua, Nicaraguan families, this afternoon a memorandum of understanding was signed where the Nicaraguan State through the representative of our president of the Panama Canal Authority, authorizes the company HK-Nicaragua to structure, to manage large project financing for the Nicaraguan canal", the president said during a meeting with Wan Jin, president of Xinwei's largest telecom company in China.

Ortega said studies by Dutch specialists are currently underway which will be taken into account for the work by Chinese businessmen.

He explained that the Chinese company called ‘Empresa de Inversiones para el Desarrollo del Gran Canal de Nicaragua ‘ (Investment Company for Development of the Grand Canal of Nicaragua), will work on developing both the both wet and dry canals, which also will link the Pacific with the Atlantic Ocean from Monkey Point to Puerto Corinto .

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