The project aims to create a free trade zone which will offer offshore financial services and related economic activities.
The Nicaraguan government's proposal to create a free trade zone to provide tax incentives to attract financial sector companies and to exported services from there has raised doubts in some quarters, with accusations being made that the bill evokes the concept of a tax haven.
Trusting foreign investment to keep flowing, Nicaraguan private companies are building three industrial parks.
In addition, construction will start on two new parks in the next few weeks.
"The operators of free zones hope to double their investment of 500 million dollars in the 35 parks currently in operation, with a construction area of 1.50 million square meters. In these areas there are 161 companies", Reported La Prensa.com.ni
Panama is ranked number 7 in the list of the 48 most attractive cities for investment in Latin America.
San Jose, Costa Rica is ranked 23rd, Guatemala City is 37th, Tegucigalpa is 41st, Managua is 43rd, San Salvador is 44th, and San Pedro Sula is 46th.
This is the second edition of the ranking of the most attractive cities in Latin America for investment, which is a product of joint work by the Center for Competitive Thinking Strategies (CEPEC) at the Universidad del Rosario in Colombia and the Chilean firm Business Intelligence (IdN). It identifies the cities in the Latin American region which bring together the best conditions for investment.
Nicaragua should be a rich country. It was once a prosperous place. Granada was the most prominent city in Central America and a key spot in global commerce.
Chris Mayer, from The Daily Reckoning, Australia's leading investment publication, commented that Nicaragua's economy worsened during the 20th century, with widespread poverty and a population that migrates to other destinations looking for a brighter future.