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 opposition to the Nicaraguan government insists on greater transparency in the $500 million Atlantic port development project.
The Government is welcoming Korean investors in order to hold the first meetings regarding the project.
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.
The government has rejected Korean proposals for financing the proposed deepwater port at Monkey Point in the South Atlantic.
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