{"id":13196,"date":"2015-04-21T14:46:40","date_gmt":"2015-04-21T19:46:40","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=13196"},"modified":"2015-04-21T14:46:40","modified_gmt":"2015-04-21T19:46:40","slug":"china-doesnt-want-to-finance-nicaraguas-canal-panama-canal-authority-says","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/china-doesnt-want-to-finance-nicaraguas-canal-panama-canal-authority-says\/","title":{"rendered":"China Doesn\u2019t Want To Finance Nicaragua\u2019s Canal, Panama Canal Authority Says"},"content":{"rendered":"

\"Wang<\/p>\n

Sorry, I cannot help saying this but, I told you so.<\/p>\n

No ticky no laundry<\/span>!!<\/a><\/h1>\n

Nicaragua\u2019s interoceanic canal project is still making headway despite ongoing trepidation<\/a> over potential environmental damage and opaque financing details. But this week one of the project\u2019s main skeptics, the administrator of the nearby Panama Canal, threw some cold water on suspicions that the Chinese government may be behind the deal.<\/p>\n

\u201cI just returned from China, and builders there told me that no state company has any interest in financing the [Nicaragua canal] project,\u201d said Jorge Luis Quijano, administrator of the Panama Canal Authority, on Monday, according to local reports<\/a>. He was speaking at an opening session of the Panama Maritime World Conference and Exhibition, an annual gathering of international maritime industry professionals.<\/p>\n

Quijano also said it was \u201cnot worth it\u201d to invest billions in the Nicaragua canal, particularly as the Panama Canal is working on its own less expensive expansion. \u201cLet\u2019s concentrate on our canal. We have given more publicity to [Nicaragua\u2019s] canal more than our own,\u201d he said. \u201cWe are doing things well: We have 87.5 percent of the canal already expanded; over there, they have hardly begun constructing a road.\u201d<\/p>\n

Nicaragua has long been planning a canal that would be wider, deeper and longer than Panama\u2019s, ready to handle a new generation of container ships and make the country the epicenter of maritime transit in the region. But the plans have faced fierce resistance from environmentalists, local landowners and other Nicaraguans who doubt that the estimated $50 billion price tag will ultimately benefit the country. The government\u2019s no-bid contract to build and maintain the canal, given to little-known Chinese telecommunications billionaire Wang Jing, also has stoked suspicions that the Chinese government may be quietly funding the project. (\u201cGet out, Chinese<\/a>\u201d has been a common refrain at protests against the project.)<\/p>\n

Wang has remained tight-lipped about investors he has secured to help finance the canal. But his company, the Hong Kong Nicaragua Canal Development Group, or HKND, began building auxiliary roads around the planned canal site in December while local protests continued to draw in thousands of people.<\/p>\n

International business communities and foreign ministries also have remained wary of the project. The U.S. Embassy issued a statement in January expressing concern about a\u00a0lack of transparency<\/a> around the canal, and Costa Rican officials said their letters asking for more information<\/a> have largely been ignored. The Nicaraguan government commissioned London-based firm Environmental Resources Management to conduct an environmental impact assessment, which is expected to be released in May. But critics say an independent assessment is needed.<\/p>\n

Panama Canal authorities, meanwhile, have kept working on a $5.25 billion expansion project that faced delays from labor disputes and cost overruns but is expected to be completed in April 2016<\/a>. They\u2019re also considering an additional $17 billion expansion<\/a> that would allow even larger ships to pass through, which could mitigate any competitive edge the Nicaragua project might have. HKND has estimated that the Nicaraguan canal would be finished in five years, but many observers are skeptical of that claim.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sorry, I cannot help saying this but, I told you so. No ticky no laundry!! Nicaragua\u2019s interoceanic canal<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13196","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"\nChina Doesn\u2019t Want To Finance Nicaragua\u2019s Canal, Panama Canal Authority Says - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/china-doesnt-want-to-finance-nicaraguas-canal-panama-canal-authority-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Doesn\u2019t Want To Finance Nicaragua\u2019s Canal, Panama Canal Authority Says\" \/>\n<meta property=\"og:description\" content=\"Sorry, I cannot help saying this but, I told you so. 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