In July 2012, Nicaragua parliament passed Law 800 (a law regarding the Nicaragua Interoceanic Canal legislation and the establishment of the Interoceanic Canal Committee) providing a solid legal foundation for the construction of the Interoceanic Canal.
On the 6th of September 2012, the Authority of the Grand Inter-Ocean Canal of Nicaragua (hereafter ‘Authority’) signed a memorandum of understanding with the HKND Group, establishing the project scope. On the 31st of October 2012, both parties signed the Deed of Cooperation, further explaining the project details. The Authority agreed to give sole rights to the HKND group to plan, design, construct and thereafter to operate and manage the Nicaragua Grand Canal and other related infrastructure projects.
On the 13th of June 2013, the Nicaraguan parliament gave its approval for the government to sign the Master Concession Agreement (hereafter ‘MCA’) with the HKND Group. The agreement formally granted 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.