New Attempt to Put Conditions on Nicaraguan Financing

The lower house of the US Congress has approved the law known as the Nicaraguan Investment Conditionality Act or Nica Act, which proposes placing conditions on loans granted by international institutions to the government of Daniel Ortega.

Wednesday, October 4, 2017

The Nica Act, promoted by two US congressmen to limit investment and international financing in Nicaragua, was again seen by the lower house, which unanimously approved it.  Now the bill will pass to the Senate, but in order to become effective, it must pass through three more proceedings.

José Adán Aguerri, president of the Superior Council of Private Enterprise of Nicaragua (Cosep), explained to Elnuevodiario.com.ni that "... this situation" was foreseen since April and rather the latest news is that (the Nica Act) will take more time for its approval and that on this occasion voices have spoken out against it, coming from the Congress itself."

"... Aguerri is referring to Texas Rep. Vicente Gonzalez, who said at the session that passage of the bill as a law could strain relations with Nicaragua and lead to instability, irregular migration to the United States through the Texan district, and increase criminal activity in its jurisdiction."



More on this topic

Nicaragua: The Impact of the "Nica Act"

October 2016

Less investment, depletion of international reserves and contraction of public spending, in the opinion of Funides, are some of the effects that might be felt if the US Senate approves the bill.

The Nicaraguan Foundation for Economic and Social Development (Funides) has analyzed the potential impact of a possible US approval of the bill known as the "Nica Act", which aims to place conditions on the granting of loans by international institutions to the Ortega administration.

Financing for Nicaragua Dependent on Democratic Practices

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The US Congress passed a law which puts conditions on Daniel Ortega's government for obtaining loans from international institutions.

The purpose of the law known as the Nica Act, is for loans negotiated between Nicaragua and international financial organizations to be rejected by the United States, unless the Ortega government takes "...

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The Superior Council of Private Enterprise has lodged an partial appeal against the law authorizing a Hong Kong company to build and operate a canal.

Joseph Adam Aguerri, president of the Superior Council of Private Enterprise (Cosep), said that they will go to court to challenge the law passed last Thursday by Congress with the votes by congressmen allied with the Sandinista party (FSLN) led by President Daniel Ortega.

Nicaraguan Businesses Reject Constitution Reform

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Businesses unions communicated they are concerned and worried by a Supreme Court resolution enabling President's Ortega reelection.

The diverse business chambers issued communiques rejecting the decision of the Constitutional Chamber of the Supreme Court, some going as far as not recognizing it.

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