Nicaragua Parliament Starts Process to Adopt "Canal Law"
Committee on Infrastructure and Public Services to consult with 14 other commissions and independent organizations
Canal to allow the passage of large ships between the Caribbean and the Pacific to be completed within a maximum of 10 years at a cost of $30 Billion.
Daniel Ortega's government plans to build the canal for deep draft vessels in a period not exceeding 10 years.
According to the project, which has been described as a "priority" and "national heritage", the work will be "complementary" rather than "competitive" with the Panama Canal.
Nicaragua, which will promote the project as a joint venture of public and private. Nicaragua will own 51% of the shares and profits, and provide the remaining 49% to investors, which can be countries, international organizations or individuals etc.
There are six alternative routes for the construction of the interoceanic canal through Nicaragua, including linking the Pacific and the Caribbean by the Great Lake and the river San Juan, bordering Costa Rica and Nicaragua.
The other routes traverse the Great Lake and other rivers in the north and the Nicaraguan Caribbean.
Costa Rica has said that Nicaragua should ask their opinion on the possible construction of a canal, because this work may affect their rights.
Deputy Foreign Minister of Costa Rica sent a diplomatic note to the Nicaraguan Government in which he requested "all documentation relating to the possible construction of that canal."