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MEXICO CITY, November 21 /TASS/. Nicaragua will launch the construction of a canal linking the Atlantic and the Pacific Ocean on December 22, Nicaragua’s Grand Canal Commission in charge of the project said on Friday.
The project will start with the construction of a deepwater port on the Pacific coast of the southern Department of Rivas, the Commission said.
The canal will stretch 278 kilometers (173 miles) to link Nicaragua’s Pacific coast with the Caribbean Sea. The project is estimated at $50 billion.
The Hong Kong-based HK Nicaragua Canal Development Investment is a contractor for Nicaragua’s ambitious construction project, which will take five years and create 50,000 jobs.
The canal is expected to be from 230 to 520 meters wide and up to 30 meters deep. The Nicaraguan canal will provide navigation for 5,100 ships with the largest displacement annually. Ships will be able to cover a distance from the Pacific to the Atlantic Ocean in 30 hours.