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Nicaragua announces start of China-led canal to rival Panama

Dec 22, 2014 04:14 PM

Many shipping experts see the $50 billion project as a luxury, not a necessity

(MANAGUA, Nicaragua) — Nicaragua broke ground Monday on a $50 billion canal that aims to rival Panama's waterway and spur economic growth in the impoverished country, Reuters reported. The Chinese-led construction project would give Beijing a major foothold in Central America, a region long dominated by the United States. Nicaragua's government says the 172-mile canal will be operational by around 2020.

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