$20 billion Investment in Puerto Cortés?

The urgent need for economic development in the region frequently makes everyone draw the attention to proposals that have dubious viability.

Wednesday, January 29, 2014

EDITORIAL

The Mexican company which announced the huge investment also announced, on a website under construction, the development of the port of Nanchital in Mexico, citing current concession rights which have actually been revoked.

To put into context the amount of investment promised by the Mexican businessmen, $20 billion, its enough to make reference to the announcement made by the port of Singapore, one of the largest in the world, that will double its capacity for movement of containers with investments totalling $8 billion.

In Central America there is a constant stream of entrepreneurs coming looking for agreements with local or national governments, suggesting projects and investments which are often outlandish. And all too often the press in the region give a voice to these entrepreneurs and their projects without undertaking the minimum of background analysis on these promoters, and even less on the viability of what they propose.

This is the case of the Mexican company Nanchital Veracruz Port Services SA de C.V. (Spinver), who came to Honduras and El Salvador proposing a public-private partnership to develop the "largest logistics platform in Latin America," announcing that it had available to invest in the project "$20 billion that we already have ready".

There is no other information on the internet about the company Servicios Portuarios de Nanchital Veracruz other than that published by the company itself. In its website it advertises that it has rights to develop the Port of Nanchital, in the Mexican Caribbean, awarded by the company Administración Portuaria Integral de Nanchital (API), which at the time was the port concessionaire, a concession which is currently being revoked by Mexican authorities. Investments pledged in this case by Servicios Portuarios de Nanchital were also substantial: $1 billion to build the port and "the largest shipyard in Latin America. "The construction of the shipyard never even started, and the port of Nachital to date remains underdeveloped. See "API revokes concession from Nanchital over irregularities". (click here).

If economic feasibility studies are shown, we will pay attention again to this project.



More on this topic

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Today March 11th is the date of receipt of proposals from companies interested in the construction and concession of the port.

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$ 15 Million for Port Terminal Studies

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Aubery de Young, CEO of the company, explained that the Government of Costa Rica completed the formalities required to initiate these studies, which include the selection of a government counterpart and an independent engineering firm who will serve as auditor.

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