(Reporting by Gabriel Stargardter; editing by Gunna Dickson) The Nicaraguan government has granted a 100 year concession to HK Nicaragua Canal Development (HKND) Investment Company, a Chinese firm to explore development and construction of … To continue reading, subscribe to BNamericas and gain access to projects, contacts and news about Get the contact information of thousands of key executives that drive business in Latin America.
More than a year since it was first announced, the canal project faces widespread skepticism, with questions still open about who will provide financing, how seriously it will affect Lake Nicaragua and how much land will be expropriated for it. The Chinese company HK Nicaragua Canal Development Investment Co. Ltd. is working with the Nicaraguan government on the canal project, which was announced only last week. Wang Jing, Chairman and Chief Executive of the HK Nicaragua Canal Development Investment Co Ltd (HKND Group), told reporters in Managua that he … The HK Nicaragua Canal Development Investment Co.’s proposal to build a 173-mile canal raise numerous concerns about environmental issues, the danger of earthquakes or volcanic eruptions and how it could be financed, but most of all about its cost, which the company estimates at $40 billion. The HK Nicaragua Canal Development Investment Company (operating as HKND Group) signed a 50-year lease, renewable for another 50 years. Nicaragua’s National Assembly authorized a 100-year concession to the Hong Kong-based HK Nicaragua Canal Development Investment Co. for the development and operation of a new $40 billion canal through the Central American country. The government of Nicaraguan President Daniel Ortega is onboard, and Wang Jing, the billionaire chairman of HK Nicaragua Canal Development Investment … But China’s presence is much more ambitious in Nicaragua, where President Daniel Ortega signed a memorandum of understanding in September with the recently created Hong Kong-based HK Nicaragua Canal Development Investment Co to finance and build a canal linking the Caribbean Sea and the Pacific Ocean – a dream long cherished by Managua. Photo: Simon Song But a … He said the company was preparing a prospectus which would reveal the investors behind the waterway that seeks to compete with the Panama Canal. To unlock the full potential of BNamericas, subscribe now. Wang Jing’s HK Nicaragua Canal Development Investment Co. (HKND) surrendered its lease agreement on 18 April for suites on the 18th floor of the prestigious International Finance Centre (IFC), raising questions about the entrepreneur’s finances.
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