China’s $50B plan to build a canal through Nicaragua aimed to rival Panama’s—but was scrapped after major backlash and delays.

Developed by Wang Jing, an enigmatic Chinese industrialist with ties to China’s ruling party, the Grand Nicaragua Canal will cost an estimated $40 billion and take five years to build.

President Manuel Ortega said on Saturday that the construction of a massive inter-oceanic canal in Nicaragua that could significantly alter global trade would start at the end of 2014.

WASHINGTON, Feb. 18. -- Senator Morgan of Alabama, in referring to-day to Mr. Carnegie's letter, which speaks of the Senator's eager pursuit of the Nicaragua Canal route, said that he had never ...