Construction on the highly-controversial, R700 billion Nicaragua Canal will not begin until the first quarter of 2016 as new environmental mitigation measures have yet to be studied by government and approved.
Work on the canal had originally been scheduled to begin in early 2014 and was pushed back to the start of 2015, partly because there were delays in deciding on the path the canal was to follow.
The 2016 start is also still dependant on the completion of a bidding process for dredging, excavation, and building the locks and two new ports as part of the project. And after that it is scheduled to take five years to finish.
The project has been condemned by a large number of expert observers due to its high cost and potential environmental damage. And the source of funding is equally doubtful. The project concessionaire, the Chinese HKND Group, for example, is reported to have not yet named investors.
Source: JOC.com and Hellenic Shipping News
