Nicaragua Could Concession Monkey Point Port

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

Friday, December 10, 2010

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.

Virgilio Silva, chief executive of the National Port Enterprise (EPN), told reporters that negotiations with the Korean companies are continuing and the possibility "through the Government of Korea to award in concession the investment and to have a port operator be responsible for managing the infrastructure for about 25 or 50 years is ongoing.”

More on this topic

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.

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.

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.

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.

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