The Nicaraguan alternative to the Panama Canal will be a waterway connecting the Atlantic and the Pacific oceans and is to be the most ambitious construction project in Latin America.
On Monday Nicaragua officially began work on a canal which will be a competitor to the Panama Canal 600 kilometers south. The Nicaragua canal will be capable of handling the super-heavy class ships with the capacity of up to 400,000 tons. It will be 278 kilometers long and 30 meters deep, which makes it wider and deeper that the century old Panama Canal. It is expected to be completed and operational by 2019.
The canal will reduce the cost of transporting goods via sea between America, Europe and Asia by about 30 percent. Experts believe it will be able to handle more than 5,000 high tonnage vessels a year.