The project is hugely symbolic, and comparisons with Panama are inevitable. See map 2.As you can read at the following Diplomat article, titled “Nicaragua Canal: China’s Strategic Presence in Central America”, June 2015, a Chinese billionaire appears to be the man who will construct the canal, which will cost approximately 50 billion dollars. It would also come with a broader strategic overlay that would plant the Chinese flag in a region that has traditionally been of significant U.S. political and economic interest...."[Los tres países] se apegaron al cronograma de implementación el primero de julio, a pesar de la pandemia", dijo Carin Zissis de AS/COA.AS/COA Online mira cómo los gobiernos responden al COVID-19 en la región.Copyright 2020 by Americas Society / Council of the Americas. China is trying to construct the Nicaragua Canal, which will connect the Atlantic with the Pacific Ocean, but it will be larger than the Panama Canal, and it will be controlled by the Chinese Navy. But everybody knows that it is China who wants the Canal. Nuestros usuarios discuten animadamente sobre las ventajas y desventajas de la construcción del Canal de Nicaragua. Find out more from our 2018 Annual Report.For over a century the Panama Canal has served effectively as a windpipe of the global economy, but it has also been seen as a tangible testament to U.S. technological and organizational prowess, the ability to mobilize capital, and a symbol of geopolitical influence in the Western Hemisphere. The Diplomat wonders whether the US can do anything, or whether the US should do anything, and it says that the project will boost economic activity and trade, which will be good for the US too, but it might eventually bring the Chinese Navy very close to the United States.I must also say that Venezuela is located near these two canals, and Venezuela is the country with the largest oil reserves in the world. The problem for the Americans is that Venezuela is a socialist and highly corrupted country, and therefore Venezuela prefers to deal with China, in order for her transactions to be less transparent.At the following Bloomberg article, titled “Falling Oil Prices Push Venezuela Deeper Into China’s Orbit”, December 2014, you can read that from 2008 till 2014, China has provided Venezuela with 46 billion of dollars in loans. Venezuela exports oil to both the US and China, and her reserves are of strategic importance for both countries. Also of interest:
If the Nicaragua canal comes to fruition, it will compete on economic terms directly with its neighbor further south. See map 1.The United States are in very good terms with Panama, and in 1999 the control of the Canal came under Panama’s control.
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nicaragua canal vs panama canal