Nicaragua's new law on coasts to be approved by next month, top legislators says
Nicaragua's Coast Law is likely to approved next month, said Congressman Francisco Valenzuela, chairman of the Population and Development Commission.
Wednesday, May 28, 2008
Valenzuela said the aim was to preserve the right of public access to the nation's coasts and conserve their ecology.
More than 60 Nicaraguan tourism projects valued at a total of some US$1 billion are on hold because Congress has failed to agree on a law to protect investments on the nation's coasts.
The legislation will either propel Nicaragua forward as a property investment hotspot, or have negative repercussions on the real estate market for many years to come.
Passed in June 2009, the Law for Regulating Coastal Areas establishes clear rules for investors.
The Law of Coastal Zones that will regulate the use and access to the coasts of seas, rivers, and lakes would be enacted before Easter Week.
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