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Nicaragua Congress approves construction of waterway to Panama Canal

Published:Friday | June 14, 2013 | 3:13 PM

The Nicaraguan Congress has approved a proposal to have a canal built linking the Pacific and the Atlantic Oceans.



A Hong Kong-based company has been granted a 50-year concession to build the waterway, which will rival the Panama Canal.



The 40 billion US-dollar plan has been criticised by environmentalists, who say cargo ships will create a permanent risk to Lake Nicaragua.



But President Daniel Ortega says the project will bring prosperity.



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