Russia Nicaragua flags
 
Foreign Minister Lavrov visits Nicaragua to discuss joining the US$50 billion endeavor

Russia is considering ways it can participate in the Nicaragua Canal, a project estimated to cost at least US$50 billion.

The mega-project is being developed by Hong Kong Nicaragua Canal Development Investment Company (HKND Group), led by Chinese billionaire Wang Jing. HKND last year arranged a 50-year lease with the Nicaraguan government to build a canal connecting the Caribbean Sea with the Pacific Ocean. The canal is seen as a possible alternative to the Panama Canal, which is undergoing a US$5.25 billion expansion.

Last week, Russian Deputy Foreign Minister Sergei Lavrov visited Nicaragua to discuss the project.

“We have repeatedly discussed this issue with our Nicaraguan colleagues… whom we look forward to seeing at the St. Petersburg International Economic Forum,” Russian Deputy Foreign Minister Sergei Ryabkov, said in an interview with RIA Novosti. “We are searching for suitable forms for Russia to join this project.”

Nicaragua plans to begin construction late this year. However, the project has already come under fire from environmentalists who say it will cause irreparable damage to Lake Nicaragua, the region’s primary source for fresh water. Despite the controversy, Jing has signed agreements with several big Chinese firms, including Xugong Group Construction Machinery Co., one of China’s biggest construction equipment manufacturers, China Railway Construction Corp., China’s biggest overseas engineering contractor.


*NEWS SOURCE