Work begins on $61.23bn canal in Nicaragua

Nicaragua aim to move 5% of the world's commerce through the canal.
The new canal will compete with the Panama Canal (pictured).
The new canal will compete with the Panama Canal (pictured).

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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 $61.23bn, 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 percent of the world's commerce through the canal.

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