Dry Canal Revival in Nicaragua?

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.

Thursday, July 29, 2010

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. The companies Dongyeong Engineering Consultants & Architecture Co., Ltd and Ox Invstment Finance Co., Ltd. are expected next month in Nicaragua when they will progress financial and technical details.

Luis Núñez Salmerón in his article for Elnuevodiario.com.ni writes that EPN's president, Virgilio Silva, has stated that the project not only includes the the construction of a deep water facility at Monkey Point, but also, "the conversion of the region into an economic hub with administrative offices, shipping companies, a marina and, in what Silva calls a second stage, a Caribbean-Pacific rail link".

More on this topic

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.

Offers Continue to Arrive for Monkey Point

July 2010

The Nicaraguan inter-oceanic canal company (CINN) has expressed an interest in renewing its involvement in the ‘dry canal’ and port project.

In the 90s the company sought permission to build a ‘dry canal’ railroad to link Caribbean and Pacific ports in Nicaragua. This project included the construction of the port at Monkey Point and a railroad connecting it to another port on the Pacific coast.

Nicaragua: New Ports Law in 2010

December 2009

The Legislative Assembly could pass the bill on the first trimester of 2010.

Virgilio Silva, president of EPN, the national ports company, explained the new law is fundamental to attract investment for the port industry.

One of the projects in need of investment is the port at Monkey Point, located in the Caribbean, which needs around $250 million.

Nicaragua will grant concessions to invest in its ports

April 2008

Nicaragua intends to give concessions for port investments, a theme that will be addressed at the 29th Meeting of Port Companies of the Central American Isthmus, which begins today.

Virgilio Silva, head of the National Port Company (EPN), says this possibility is being contemplated in a law the National Assembly is currently analyzing.

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