Nicaraguan Canal Project Attracts International Funding

(MENAFN) According to Bloomberg, Chinese Billionaire Wang Jing has attracted global funding for a transoceanic canal to be built in Nicaragua. He has announced that work on the canal should start by the end of 2014 and be completed before the end of 2020. Earlier last month, Nicaragua's Congress granted Wang Jing's Hong Kong-based HKND Group a fifty year concession for to build the canal, a project that the government estimates will cost $40 billion. Wang Jing has significant business interests in infrastructure, and controls or serves as a board chairman on more than 20 companies, located all around the world. When the project is completed, it will be the unprecedented realization of ambitious plans that go back to the 18th century. It has potential to offer large befits to a wide range companies and the Nicaraguan government, and according to Wang Jing, will benefit others more than it will benefit Wang Jing's own business interests.