The government authorized the issuance of shares of this bank to incorporate private partners into the entity and turn it into a joint venture.
It is projected that the private sector will be able to acquire up to 60% of the shares and the state would get the rest. Until February 2015 the credit portfolio of state bank amounted to $1.195 billion, according to data from the Superintendency of Banks and Other Financial Institutions (Siboif).
Public consultation is to be given to a bill which aims to promote large investments by providing incentives for the creation of investment companies which have a minimum capital of $30 million.
It is expected that next week members of the Superintendency of Banks and Other Financial Institutions will comment on the Investment Bill, which seeks to create and strengthen measures to promote large investments in the country.
The National Assembly has approved a loan from the Central American Bank for Economic Integration for hydraulic cement paving of 45 kms of the stretch passing through La Gateada- Naciones Unidas - Bluefields.
From a statement issued by the National Assembly of Nicaragua:
As part of the reform to the tax concentration law cooperatives are calling for the elimination of the retention of 1% per month on their gross income and for a special tax rule to be created.
The Concertación Tax Act indicates that cooperatives are free to pay income tax if their gross annual incomes are less than or equal to $1.5 million. However, this same law also states that 1% must be retained per month in advance even if the stated income level is not reached.
The Agreement for the Promotion and Reciprocal Protection of Investments has been ratified, which promotes financial and trade relations and cooperation between the two countries.
From a press release issued by the National Assembly of Nicaragua
On August 14 the National Assembly unanimously approved the Agreement on the Promotion and Reciprocal Protection of Investments between the Government of the Republic of Nicaragua and the Government of the Russian Federation. This agreement seeks to promote financial and trade relations, and cooperation between the two countries.
The business sector has agreed with the Congress of Nicaragua on the revision of the bill to regulate the functioning of business groups.
Laprensa.com.ni reports: "The decision was made after hearing the positions of the American Chamber of Commerce of Nicaragua (AMCHAM), the Nicaraguan Council of Micro, Small and Medium Enterprises (Conimipyme), the Superior Council of Private Enterprise (Cosep) and binational business chambers comprised of Nicaragua with Mexico, Italy, Spain and Germany. "
The law which will give life to a new supervisory body for financial and banking activities will be submitted to the legislative plenary next week.
The ruling on the law establishing the Financial Analysis Unit (Unidad de Análisis Financiero (UAF) in Spanish) will be presented on Friday and will be sent to the plenary of the National Assembly next week, said Rep. Wálmaro Gutierrez, president of the Committee on Economy, Budget and Production.
The National Assembly has approved 90 articles of the future law that will facilitate the opening up of the Nicaraguan insurance market.
This law is a requirement for DR-CAFTA and was supposed to have been approved by April, four years after the trade agreement came into force.
The president of the Economic Commission of the Nicaraguan National Assembly, Wálmaro Gutiérrez, told Elnuevodiario.com.ni that, “we have an overdue obligation and responsibility to open up the insurance market so that foreign insurance providers can begin to offer their services”.
A bill expected to be passed next week would open the door for foreign insurers.
Congressman Wálmaro Gutierrez, from the committee that wrote the bill, explained that the insurance industry is currently regulated by a decree from 1970, which was reformed on several occasions. The last modification closed the insurance market to foreign participants.
The legislation that intends to simplify and expedite all the procedures of the public sector has passed to the National Assembly for its approval.
The initiative, which is based on the experience of the implementation of the ‘Ventanilla Única de Inversiones,’ already was approved by the Commission on Production, Economy and Budget, and mainly seeks to diminish the time and the costs designated for public processes.
I have six building lots in the Punta Leona Resort ready for construction. I am looking for a partner to provide financing and or construction. Wanted partner for financing and/ or construction in the...
Sustainable 70 Acre Coffee Farm, San Ramon, Costa Rica Coffee Estate, development property with 20 titled lots, ready to develop with roads, water and power. Great Location, close to everything. Ideal area for living or developing an ecologically...
Maranco Belize offer fast reliable service, modern equipment, competitive rates, 70 year experience worldwide whether your needs are for farming, industrial, private house lots, community projects. We have drilled successful water wells producing fresh...