Nicaragua's congress has canceled a controversial canal concession, granted years ago to a Chinese businessman, that would have linked the country's Pacific and Atlantic coasts.
After nearly a decade, Nicaragua's congress finally canceled on Wednesday a controversial canal concession granted to a Chinese businessman that critics said endangered the environment and threatened to displace rural communities. Despite a symbolic 'groundbreaking' in 2014, no work was done on the canal that was to link Nicaragua’s Atlantic and Pacific coasts. At one point, crews broke ground on access roads near the canal but digging the waterway never started.
Detractors argued it posed serious environmental risks, would displace thousands of families in the countryside and was financially unfeasible. The canal concession was granted to the Hong Kong-based company HK Nicaragua Canal Development Investment Co. Limited, owned by Chinese businessman Wang Jing.
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