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.
Part of the project includes a plan to build deep-water ports at both ends of the canal, with wharves and transshipment ports which can accommodate vessels of up to 200,000 dwt.
The environmental and social impact study for the construction of the Grand Canal of Nicaragua, published on the website of the Chinese concessionaire HKND, describes in detail the characteristics of the project and the impact it will have on the physical and biological resources in the area as well as its effects on economic and employment levels.
With the approval of the environmental and social impact study the Grand Canal Commission has facilitated the beginning of the construction of the waterway.
The Grand Canal Commission has approved the study presented by the Chinese company HKND, concluding that the final impact of the proposed construction of the canal will be positive for the country in social, economic and environmental terms.
Wang Jing, the owner of the concession for the great work, may have lost 84% of his personal assets in recent stock market upheavals in China.
While there has never been complete certainty about the realization of the gigantic work which could radically change the development prospects of one of the poorest countries in the hemisphere, news of the serious economic losses suffered by its promoter Wang Jing, tip the balance of opinions on the Grand Canal to the negative side.
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.
The company HKND Group has submitted to the Commission of the Grand Interoceanic Canal of Nicaragua, a study of social and environmental impacts prepared by the international consulting firm ERM.
El19digital.com reports that:
"The company HKND Group delivered on Sunday night to the Grand Interoceanic Canal Commission of Nicaragua, a social and environmental impact study produced by the firm ERM.
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. "
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.
EDITORIAL
The productive sectors in Costa Rica are starting to measure the positive and negative consequences of both the construction and future operation of the Grand Canal of Nicaragua.
Promerica Group has proposed to the concessionaire of the project HKND the opening up of bank branches along the Canal and the provision of other financial services during the execution of the work.
The Production Bank, Banpro, is looking to develop a service plan appropriate to the measures and requirements of HKND Group, which would include executive support, differentiated tariffs and especially the installation of branches along the Grand Canal.
Nicaraguan businesses are complaining that HKND may have begun to invite construction companies to participate in tenders to execute various works, and that after receiving the offers, the company declared them void.
Editorial
There is specific mention of a tender for the construction of a service road parallel to the Canal route.
In this regard the president of the Nicaraguan Chamber of Construction (CNC), Benjamin Lanzas, told Laprensa.com.ni that "one of the companies which took part in the tender, is negotiating with HKND over the construction of access roads in various sections among other projects. "
The Chinese government and the concessionaire HKND have announced that on December 22 work will begin on the project with the construction of secondary roads and ports.
In the first part of the presentation given by the Chinese company to the government and businessmen, feasibility, environmental, and social studies, for the market and design work were presented.
It is believed that in order to feed the 50,000 workers that will be required for the work there is enough meat available, but a shortage of rice and vegetables.
In the meeting held by the Superior Council of Private Enterprise (COSEP) and the Union of Agricultural Producers of Nicaragua delegates from the company HKND, discussed the issue of the country's capacity to provide food for the 50,000 workers needed to complete the work.
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.