Funding evaporates for Nicaragua's Canal

[Jangle]

MANAGUA, Nicaragua (AFP) — Nicaragua's ambitious dream of building a canal to rival Panama's famous waterway looks in peril as doubts pile up over whether its Chinese investor can cough up the US$50 billion needed, analysts say.

STALLED WORK

But a year later, the Chinese telecoms tycoon lost a big chunk of his fortune, which was estimated at US$10 billion by the financial news agency Bloomberg. Since then, he has cut a low profile.

“He's a ghost. We haven't seen him since,” said Monica Lopez, a lawyer specialised in the environment who wrote a book on the proposed canal.

There's another factor posing a challenge: Panama dropping relations with Taiwan to establish diplomatic ties with China last June.

“China is going to invest US$25 billion (per year) in different Latin American countries, but Nicaragua isn't on its radar,” said a former diplomat, Mauricio Diaz.

http://www.jamaicaobserver.com/busin...6?profile=1056

[Islandman]

Wonder what ever happened to our big Logistics Hub project. Looks like it dies peacefully in its sleep.

[Lazie]

Wonder what ever happened to our big Logistics Hub project. Looks like it dies peacefully in its sleep.

Last I heard, a master plan was presented on the project late last year.

[Assasin]

All a go done is dredging of the habour and it will have hold some larger vessel but the grand plan is not going anywhere.

[Assasin]

The writing was on the wall from long time.

[Islandman]

I always thought it was a strange idea when Panama was already expanding their canal. Somebody was going to lose a lot of money.

[Assasin]

The developer also never seems to pass the smell test. It seems like a lot of Chinese investors are been clamped down on now as they have stretch the money too thin or invested in some real bad investment, government either directly taking over some companies or bringing owners to the book.