The Nicaragua Canal (Spanish: Canal de Nicaragua), formally the Nicaraguan Canal and Development Project (also referred to as the Nicaragua Grand Canal, or the Nicaragua Interoceanic Grand Canal) is a shipping route under construction through Nicaragua to connect the Caribbean Sea (and therefore the Atlantic Ocean) with the Pacific Ocean. In June 2013, Nicaragua's National Assembly approved a bill to grant a 50-year concession to finance and manage the project to the private Hong Kong Nicaragua Canal Development Investment Company (HKND Group) headed by Wang Jing, a Chinese billionaire. The concession can be extended for another 50 years once the waterway is operational. Construction of the canal, estimated to cost $40 to $50 billion, began in December 2014, with completion due within five years. However, the Nicaraguan government has since failed to present reliable information about whether or not the project can be financed, thus casting doubt over whether or not it can be completed.