Koreans to Build Port of Monkey Point

Two Korean companies have signed an agreement with the Nicaraguan Ports Authority to design and build the Caribbean port.

Wednesday, July 7, 2010

The memorandum of understanding signed by the South Korean companies Dongmyeong Engineering & Architecture Consultants (DMEC) and Ox Investment states that the project will require investment of $500 million.

The president of the Nicaraguan Construction Chamber, Mario Zelaya, believes that this project is key to the future of construction in Nicaragua. Local developers expect to take part in the works, especially in the construction of the port’s administrative areas.

More on this topic

More Information Demanded Regarding Monkey Point Project

July 2010

The opposition to the Nicaraguan government insists on greater transparency in the $500 million Atlantic port development project.

Edmundo Jarquín from the Sandinista Renovation Movement (MRS) questions aspects of the memorandum signed by Nicaragua’s Ports Authority and two companies from South Korea, in charge of the development.

Dry Canal Project in Nicaragua Advances

November 2010

The Government is welcoming Korean investors in order to hold the first meetings regarding the project.

Investors represent Dongmyeong Enginering (DMEC) and Ox Investment Finance Co., which last July signed a Memorandum of Understanding with the Government for the construction of a deepwater port at Monkey Point.

Dry Canal Revival in Nicaragua?

July 2010

The Port of Monkey Point could be the first stage in a project that includes an oil pipeline, a coast-to-coast train and the expansion of the Port of Corinto in the Pacific.

Two South Korean companies signed a memorandum of understanding in July with the country's National Ports Company (EPN) regarding the expansion of the Caribbean Port of Monkey Point.

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.

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