Nicaragua to Build Chinese-Funded Panama Canal Alternative

Fast-tracking a proposal through the ruling party-controlled Congress despite a lack of details about the $40 billion project, Nicaragua is moving ahead with a plan to dig a Chinese-funded rival to the Panama Canal across the midriff of the country.

A China-based consortium says it will finance the project and turn over control of the infrastructure to Nicaragua in exchange for a majority of the earnings, which it would share with the Nicaraguan government.

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