A $50 Billion Chinese Canal Across Nicaragua
August 17th, 2014Via: NPR:
One hundred years ago today, the first ship passed through the brand-new, U.S.-built Panama Canal; a century later, Panama owns the canal outright, and the country is one of the most prosperous in the region.
Panama’s neighbor to the north, Nicaragua, is hoping a transoceanic canal and similar prosperity are in its near future. The government has joined forces with a Chinese billionaire to construct a 173-mile, interocean canal.
It may cost more than $50 billion, but the government says the mega-project is critical to lifting the nation out of dire poverty. Critics say the environmental and social damage will be irreparable.
