Nicaragua cancels $50bn canal project concession to Wang Jing due to environmental risks, community displacement, and financial concerns.

Nicaragua's Congress has cancelled a $50bn canal project concession granted to Chinese businessman Wang Jing, after nearly a decade of debate. The canal aimed to connect Nicaragua's Atlantic and Pacific coasts, but faced criticism for posing environmental risks, displacing rural communities, and being financially unfeasible. Despite a 2014 groundbreaking ceremony, no work commenced on the canal, and thousands of Nicaraguan farmers protested against land seizures related to the project.

May 08, 2024
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