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Nicaraguan assembly backs $40b waterway to rival Panama Canal

Updated: 2013-06-15 07:55
By Agencies in Managua ( China Daily)

Nicaraguan assembly backs $40b waterway to rival Panama Canal

Nicaraguan lawmakers on Thursday approved a deal that would allow a Chinese company to design, build and manage a shipping canal across the Central American nation that would compete with the Panama Canal.

The $40 billion proposal by HK Nicaragua Canal Development Investment Co calls for linking Nicaragua's Caribbean and Pacific coasts and includes plans for two free trade zones, a railway, an oil pipeline and airports.

The government says the canal, which has been discussed for decades, could boost the country's gross domestic product by up to 15 percent.

Nicaraguan assembly backs $40b waterway to rival Panama Canal

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