HKND

HKND (Hong Kong Nicaragua Canal Development) Group is a private infrastructure development firm that is based in Hong Kong and registered in the Cayman Islands. HKND was founded in 2012 with the purpose to develop the Nicaragua Canal as a wider and deeper alternative to the Panama Canal. HKND is owned by HK Nicaragua Canal Development Investment that is part of the businesses owned or controlled by the Chinese billionaire Wang Jing. In 2014 it was announced that an IPO is being prepared to provide financing for the project.

The project

The development of the Nicaragua canal is the first project for HKND. The cost of the project is estimated to be US$40bn. or US$50bn. The Nicaraguan government approved the Master Concession Agreement with HKND on June 13, 2013 thereby granting the company "the sole rights to the HKND Group to plan, design, construct and thereafter to operate and manage the Nicaragua Grand Canal and other related projects, including ports, a free trade zone, an international airport and other infrastructure development projects." The agreement lasts for 50 years and is renewable for another 50 years. HKND will pay the Government of Nicaragua US$10m annually. After ten years, Nicaragua will receive shares of HKND at intervals.