Nicaragua: New Offer for Monkey Point

Sit-Global consortium, which is pushing for the construction of a ‘dry canal’, is to bid in the port construction project.

Monday, July 19, 2010

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.

For the investment to be profitable, he added, the term should be at least 25 years with annual interest of no more than 3%. Their proposal will be on this basis.

According to Elnuevodiaro.com.ni, Duarte also commented that, "Sit-Global, with 13 years pushing for a ‘dry canal’ railroad to link Caribbean and Pacific ports, won approval in 2001 to carry out a feasibility study of a rail link between Monkey Point in the Atlantic and Corinto in the Pacific. This study is soon to be concluded."

Aside from the Monkey Point port construction agreeement signed by the Panamanian government and Korean companies, Sit-Global hope to continue with the dry canal project.

More on this topic

$300 million Investment in Monkey Point

August 2011

Feasibility studies for the mega project to build a port on the Caribbean coast of Nicaragua will be ready in 2 years.

The studies, to be carried out by the Brazilian construction firm Andrade Gutierrez, will determine the size of the project. The estimated initial investment for construction of the port and the highway linking Monkey Point to the port in Corinto is between $250 and $300 million.

Korea Maintains Interest in Development of Monkey Point

July 2011

Although they have not reached an agreement with the authorities, there is still interest in participating.

The participation of Koreans as investors in the construction of the deepwater port has generated controversy recently, after government officials expressed that there is disagreement between the two parties.

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.

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.

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