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    Nicaragua Interoceanic Canal Moving Forward

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    Nicaragua President Daniel Ortega
    San Jose [TCRN] – A bill for the Nicaragua Interoceanic Canal’s construction, which President Daniel Ortega sent Tuesday to the National Assembly states that the project would complement and not compete with the Panama Canal.

    Costa Rica’s Foreign Ministry decided not to participate in meetings of the Central American Integration System (SICA) with Nicaragua chairs the proceedings.

    He also called for a meeting all American ambassadors and is said he would be preparing a convoy to Nicaragua. In Managua 86 of the 88 deputies present voted “yes” to the Ortega bill.

    The law also creates a body to actively seek foreign investment.

    President Daniel Ortega government priority plans to build a $30 billion interoceanic canal over the next decade.

    The bill details the Nicaraguan canal, by 2012 be controlling almost 4% of the global cargo total, and 4.5% by 2012, which represents just over 570 million metric tons.
    Nicaragua retains a 51 percent of the shares and profits of the venture and the remaining 49 percent would be shared among a variety of investor, including Hugo Chavez, Venezuela, Japan, and there are rumors of Iran expressing an investment interest.

    The Costa Rican Foreign Ministry said in a statement “Nicaragua cannot make plans for an interoceanic canal without requesting and hearing Costa Rica’s opinion beforehand”

    La Nacion reported today that Nicaraguan opposition MP says it is the ‘promised land’ of Ortega.

    Costa Rica rejected a recent decision of the Central American Court that stated Costa Rica was causing environmental damage due to the construction of the Costa Rica Nicaragua border road project.

    The Costa Rica News (TCRN)
    San Jose Costa Rica

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