Legislators in Nicaragua on Thursday approved a proposal to build a massive transoceanic waterway project that would rival the famed Panama Canal and potentially boost the country's economy.

Nicaragua's National Assembly approved the proposal by a 61-28 vote after debating the Law of Concession for the Great Transoceanic Canal, a mega project that is estimated to cost an investment totaling 40 billion U.S. dollars.

The legislation approved Thursday, however, contains no specific route for the canal and virtually no details of its financing or economic viability. Ruling party deputy Edwin Castro, however, shed light on the project by disclosing in a televised interview earlier Thursday that a decision had been made in regard to granting the concession to the Hong Kong-based HKDN Group Holding Limited which will be responsible for building and operating the canal. Endi

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