Nicaragua canal works officially launched

logoThe ambitious $50 billion Nicaragua Canal project backed by a Chinese company to link the Pacific Ocean and the Caribbean Sea has been officially launched Monday. This will be a 278-kilometer canal to be built in south Nicaragua by the Hong Kong-based Nicaragua Canal Development Investment Co, (HKND Group). It will be the largest infrastructure project in Latin America and will rival the Panama Canal when completed in 2019. As Global Times reports, the new canal will be able to accommodate ships with a displacement of 400,000 tons, while the Panama Canal can only accommodate ships with a displacement of 90,000 tons.