Chinese billionaire Wang Jing said that he has successfully found global investors for a project that has been around more than 150 years. Wang Jing was behind the US$40 billion plan to cut a canal through Nicaragua.
By the end of 2014, the work on the waterway was projected to begin. It was also said that the work will be completed within six years. Wang is the chairman of HKND Group, a Hong Kong based infrastructure development company, that he wholly owns. Wang Jing did not drop names of the global investors.
The Congress of Nicaragua granted a 50 year concession to Wang earlier this month. The country's congress gave Wang rights to build the canal. In the mid 1800s, the Central American country attempted to build an inter-oceanic channel on several occasions but failed.
Wang added that the project has political, financing and engineering risks. He did not elaborate on the country's estimates of the project cost to be at UUS$40 billion. The cost of the plan is actually four times Nicaragua's 2011 GDP.
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