The 70% growth in cargo movement through the port of Corinto in the last five years reflects the imperative need for Nicaragua to invest more in port infrastructure.
Even though container movements through Nicaraguan ports are still significantly less than that through other ports in the region, the increase in sea freight traffic and its growth potential compel the government and the sectors involved to think about options for increasing port capacity.
With an investment of $35 million the plan is to build a shopping center with movie theaters, a convention center and a hotel in Puerto Salvador Allende.
According to Virgilio Silva, CEO of the National Port Enterprise (EPN) , the construction of a shopping center with cinemas in Managua Malecon is very close to completion. Documentation has been formalized with Arab investors to develop the project which also includes the construction of a convention center and a hotel.
An expansion will be carried out of the port of San Juan del Sur in order for it to have four cruise ships docking at the same time and add infrastructure to cater to tourists.
According to Rodrigo Castro, an official from Empresa Portuaria Nacional in San Juan del Sur, this project aims to diversify services and will favor a much faster attention to tourists and embarking and disembarking.
With $22 million the fishing port of Puerto Salvador Allende will be modernized and a marina, heliport, and shopping center with cinemas constructed.
This was announced by Virgilio Silva, CEO of the National Port Company (EPN). "The harbor, which is 1300 meters long, 10 meters wide and 10 deep, will be able to accept boats weighing up to 15 thousand tons ..." reported Elnuevodiario.com.ni.
The law allows private concessions for the construction of ports of up to 20 years.
Additionally, the initiative formally eliminates the government's monopoly on ports, gives the Legislative the ability to approve the construction of deep water ports as well as introducing fiscal benefits such as relief when buying construction materials.
From a press release by the National Assembly of Nicaragua:
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.
The Port Authority analyzes the idea to award in concession the port at Monkey Point.
The option is being analyzed due to lack of funding to capitalize the project.
Negotiations conducted with Korean companies for construction of the port, established for the country to acquire a $ 500 million debt with repayment in seven years.
Virgilio Silva, chief executive of the National Port Enterprise (EPN), told reporters that negotiations with the Korean companies are continuing and the possibility "through the Government of Korea to award in concession the investment and to have a port operator be responsible for managing the infrastructure for about 25 or 50 years is ongoing.”
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.
"During the meeting, financial aspects of the loan to complete the project will be discussed, the president of the National Port Company, EPN, Virgilio Silva, stated on Monday, adding that among the issues addressed are interest rate and payment deadlines for the $ 500 million credit,” published El Nuevo Diario.
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.
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.