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Old February 27th, 2018, 01:28 PM
Jangle Jangle is offline
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Join Date: Jul 2006
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Default Funding evaporates for Nicaragua's Canal

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
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