Panama Canal
France began work on the canal in 1881, but stopped due to engineering problems and a high worker mortality rate. The United States took over the project in 1904 and opened the canal on August 15, 1914. One of the largest and most difficult engineering projects ever undertaken, the Panama Canal shortcut greatly reduced the time for ships to travel between the Atlantic and Pacific Oceans, enabling them to avoid the lengthy, hazardous Cape Horn route around the southernmost tip of South America via the Drake Passage or Strait of Magellan.
Panama Canal
On July 7, 2014, Wang Jing, chairman of the HK Nicaragua Canal Development Investment Co. Ltd. (HKND Group) advised that a route for Nicaragua's proposed canal had been approved. The construction work was projected by HKND to begin in 2014 and take 5 years., although there has been little progress whilst a series of environmental impact assessments are being made. The Nicaraguan parliament has approved plans for the canal through Nicaragua, and according to the deal, the company will be responsible for operating and maintaining the canal for a 50-year period. The government of Nicaragua hopes this will boost the economy; the opposition is concerned with its environmental impact. According to the independent impact assessment by British firm ERM, some 30,000 local residents will be displaced by the canal, although opposition leaders and Amnesty International claim the figure will be in the hundreds of thousands. Supporters and the environmental impact study claim there will be net environmental benefits, but critics argue that nearly a million acres of delicate ecosystems will be destroyed by the time construction is completed.