Nicaragua to build canal as alternative to Panama Canal

From “The Voice of Russia”  http://english.ruvr.ru/2012_07_04/Nicaragua-alternative-Panama-Canal/

Nicaragua to build canal as alternative to Panama Canal

 The Nicaraguan MPs have adopted a law on building a canal that would prove an alternative to the Panama Canal, which is incapable of handling the increased sea traffic any more.

The new shipping route connecting the Atlantic and the Pacific is due to be built in the next 10 years. The cost of the project makes up 30 billion dollars.

The new canal construction was first thought of back in 1833. It is held that the project will prove a joint venture, with the Nicaraguan Government holding 51% of the shares.

Nicaragua said earlier that it hopes Brazil, China, Russia and Venezuela will also fund the construction. 

TASS