New canal a lifeline for energy

Analysts warn of risks for massive Nicaragua project worth $40b

The Chinese businessman behind an ambitious plan to build a waterway across Nicaragua to rival the Panama Canal stressed on Tuesday that the new canal will serve as a lifeline for global energy trade when completed in 2020.

Wang Jing, 40, a Beijing native, said at a news conference that the $40 billion project would break ground in late 2014 and complete construction within six years.