Nicaragua starts HK-led canal project

Chairman calls $50 billion, 278-km water way a 'boon to future of mankind'

The Nicaragua Canal project, officially launched on Monday, is set to spur the economy and potentially turn the country into a Central American trade hub, experts said.

Many believe the canal could double Nicaragua's revenues, help slash extreme poverty from 14 percent to 7 percent, and provide one-quarter of those working in the underground economy with a formal job, among other benefits.