Expat Community > Nicaragua

TerryCicada
Joined 2014
Posts: 66

Financing the Grand Canal project

9 years ago

The media has raised lots of critical question as how the canal can be financed. The French who attempted to build the Panama Canal after their successful completion of the Suez unfortunately did not do too well and fell into bankruptcy. The US got possession pennies on the dollar on the French investment and also with negotiation with the Columbians who were the actual owners of the Panamanian territories.
Up till now no foreign country will finance the project even though the Nicas had dreamed long ago that they could build the canal as envisioned by the early Conqistadors more than 500 years ago. With the revolution and occupation of the country nothing really happened. The Chinese now comes along . Now the question is how this unknown guy Wang Jing can finance the multi-billion project. No Western controlled bank e.g. the World Bank or IMF has shown any interest. So recently I read the Chinese has created an alternate financial vehicle called the Asian Infrastructure Investment Bank (AIIB) with a paid up capital of 100Bil. This organization with a signatory of 27 countries contributing will probably be the financial vehicle to drive this project and together with the Silk Road Fund (100Bil) there should be sufficient capital to fund this project. Surprising none of the major economies like US, Canada, Australia and even Japan are signatories yet. (See Wikipedia for details) You can now form your own conclusion which ever way you want..

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