Saudi construction begins on $61bn interoceanic canal project
The construction of an interoceanic canal
Managua - SPA
Nicaragua President Daniel Ortega and Chinese businessman Wang Jing have inaugurated construction works for a canal aimed at connecting the Atlantic and Pacific oceans, dpa reported.
Slated to take five years to build at a cost of 50 billion euros (61.23 billion dollars), the canal will cross the southern part of Nicaragua to provide a competing shipping route to the Panama Canal.
Nicaraguan officials said they aim to move 5 per cent of the world's commerce through the canal.
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