The agreement, which will be signed before August 21, will allow the construction company to perform economic and environmental feasibility studies and evaluate whether starting the project is viable, said Javier Chamorro, Executive Director of ProNicaragua to La Prensa.

"The construction of a port in the Caribbean Sea has been a historical necessity in the country, as it would provide greater opportunities for exporting to the East Coast of the United States and Europe, two of its major trading partners.

Chamorro said the study will determine the port type and capacity it needs to have, in accordance with the needs of the country.

Nicaragua, because it must currently use the Caribbean ports in Honduras and Costa Rica, and pay for the cost of transporting the load overland to these marine terminals, spends about $100 million a year. "

Source: laprensa.com.ni

More on this topic

$300 million Investment in Monkey Point

August 2011

Feasibility studies for the mega project to build a port on the Caribbean coast of Nicaragua will be ready in 2 years.

The studies, to be carried out by the Brazilian construction firm Andrade Gutierrez, will determine the size of the project. The estimated initial investment for construction of the port and the highway linking Monkey Point to the port in Corinto is between $250 and $300 million.

Nicaragua Looking for Investors for Monkey Point

July 2011

The government has rejected Korean proposals for financing the proposed deepwater port at Monkey Point in the South Atlantic.

The head of the National Port Enterprise (EPN in Spanish), Virgilio Silva said the negotiations with the Korean businessmen have so far not been beneficial for the country. The investment promotion agency Pro Nicaragua is seeking new investors.

Nicaragua Could Concession Monkey Point Port

December 2010

The Port Authority analyzes the idea to award in concession the port at Monkey Point.

The option is being analyzed due to lack of funding to capitalize the project.

Negotiations conducted with Korean companies for construction of the port, established for the country to acquire a $ 500 million debt with repayment in seven years.

Nicaragua: New Offer for Monkey Point

July 2010

Sit-Global consortium, which is pushing for the construction of a ‘dry canal’, is to bid in the port construction project.

Roberto Duarte, president of Sit-Global, indicated that the proposal put forward by the Korean companies of 9% annual interest for a seven-year term is impossible to pay.