Chinese Billionaire Pledges $10 Billion For Ukrainian Port

Wang Jing is the same businessman behind a $40 billion plan to cut a canal through Nicaragua.

Chinese billionaire Wang Jing wants to invest $10 billion in a deepwater port in the Ukraine, and he's announced plans to team up with Ukrainian partner Kievgidroinvest LLC to work on a port and economic development zone on the Crimean peninsula, according to a release from Wang’s Beijing Interoceanic Canal Investment Management Company.

Wang, a Beijing native, said in June he will spend $40 billion to build 286-kilometer (178-mile) canal in Nicaragua, with work on the waterway scheduled to start by the end of 2014 and be completed within six years. The Central American country has attempted to construct an inter-oceanic channel on several occasions since the mid-1800s without success. Wang said in June he’d successfully attracted global investors, without identifying any of them.

The newly announced Ukraine project’s first phase, estimated at $3 billion, includes building a new deepwater port and reconstructing Sevastopol port, as well as the development of an economic zone that will house technology-focused companies. The second phase will include an airport, a liquefied natural gas terminal and a shipyard, and will cost about $7 billion, according to the statement.

Funding for phase one has been secured and includes Wang’s own money, bank loans and investments from partners, the company said. Construction will start at the end of 2014. To read more, click HERE.