Arguing that a complete report on the financial situation of the companies owning the development was not presented, the Costa Rican Tourism Institute decided to cancel the concession of the Monte del Barco project, in the Papagayo Tourist Pole.
Aldesa Fondos de Inversión reported that Inversiones Monte del Barco S.A. and Inversiones GODA S.A., companies owning the tourism development, were notified last July 4th, but the concessionary companies will proceed to file in time and form, the appeal for replacement or revocation before the Board of Directors of the Costa Rican Tourism Institute.
After Nicaragua Financia Capital S.A. declared that no funds were available to meet its obligations, the entity announced that it will propose to investors to renegotiate the terms.
On February 8, the Superintendence of Banks and Other Financial Institutions (Siboif) decided to revoke the authorization granted to Financia Capital, S.A. to make a public offering of fixed income securities.
The continuous acquisition of real estate and the diversification in the type of infrastructure invested, are the reasons for the growth of real estate funds, which monopolize nearly 40% of the industry's assets.
According to data from the General Superintendence of Securities (Sugeval), the proportion of real estate funds concentrated in the market has been growing for years, since in November 2013 they represented 29% of the industry and in the same of 2018 it rose to 41%.
The union of builders is proposing creating an insured mortgage fund, to provide financing for those who can not meet the requirements demanded by banks.
The Chamber of Developers of Nicaragua (Cadur) announced that the fund could start with an initial seed capital of $5 million.The objective of the fund is to finance the purchase of new homes, and to facilitate access to financing for workers in the informal sector or clients that receive remittances from abroad.
Three financial funds in colones and dollars have started to be marketed by the fund management company of group Prival, of Panamanian origin.
Three financial investment funds have now received authorization for public offering by the General Superintendency of Securities.
One of the funds is public and in colones, another is public in dollars and the third is diversified and in dollars. Manager VidalVillalobos told Nacion.com that"...'The difference between the public fund in colones and the diversified fund in colones is that the latter not only invests in public titles but will also invest at least 30% of the fund in private instruments'.
Administered by Servicios Generales Bursátiles, the fund is open, short-term, with minimum stake of $500.
The investment fund started with an initial capital of $2 million, but being an open fund, the capital will increase along with the number of investors.
It has been announced that in the last quarter of the year the first short term investment fund will be open, which will require a minimum investment of $500, and will be aimed at conservative investors.
The "Profitable Open Short Term Investment Fund" will be managed by the SGB Funds, so far the only company legally authorized to operate such a fund.Two other fund management companies are waiting to receive approval from the Superintendent of the Financial System in order to start operating.
Grupo Prival has received authorization to operate an investment fund management company in the local market.
The Superintendency of Securities has authorized Grupo Prival to open a fund company, and it has a term of a year in which to register at least one investment fund.
The private equity fund Caseif III managed by Lafise LP has announced the acquisition of a factory making aseptic banana puree and concentrate frozen banana, called Gerber Ingredients.
The Gerber Ingredients factory is located in the Industrial Park in Cartago. According to El Financiero, the transaction is in the final stage of formalization and evaluation by the Government.
In April 2015 the total assets managed by Costa Rican investment funds amounted to $3,800 million, 8% more than at the end of 2014.
From a report by the National Chamber of Investment of Costa Rica (CAFI):
Investment fund assets grow 8.3% and 7.8% in customers in the first four months of 2015.
Despite the still adverse effects in the domestic and international financial market, investment funds in the country, are once again showing progress, both in terms of assets, and number of account-customers.
An announcement has been made that in April the first short term mutual fund will start operations in the local market, which will require a minimum of $1,000.
Initially the fund administered by Invercasa will be in cordobas and investment in dollars will be enabled later, with a feature that allows for short-term investments.
Emiliano Maranhao, president of Invercasa Sociedad Administradora de Fondos de Inversión, said "...We expect yields of 2% higher than the average percentage, for example, than what is paid on savings accounts, current accounts do not have interest rates. In this way, 15% of total deposits in the country could be captured, which will favor an industry with strong growth. "
The construction of the refinery El Supremo Sueño de Bolívar in Miramar, remains paralyzed as the government seeks funds to finance the second phase, the refinement complex.
At the moment, only the storage and distribution complex has been finished, works which were funded by Venezuela, but according to the agreement signed "... When oil is at $50, only 40% of that price is given in financing to the beneficiary country." Because of this, the government is seeking foreign funding for a second phase, but international conditions are not the best for resources for a project that "... does not seem to be profitable."
With an initial capital of $5 million a company called Confianza-SA-FGR has started operating and will focus on the management of funds for the issuance of guarantees for loans.
Confianza-SA-FGR's main objective is the management of funds for the issuance of guarantees to back loans mainly for small and medium enterprises in agricultural, vocational technical education, and social housing projects.
Companies interested in the concession are not yet clear how the dredging of the access channel to the port will be financed and what impact will have the cost on the profitability of the project.
According to authorities at the Autonomous Executive Port Commission (CEPA), the cost of dredging must be assumed by the government of El Salvador, through them. However, the government has not included this project in its budget.
While waiting for the start of the repair works, the Honduran authorities are complaining about a lack of resources to cover operating expenses for November and December.
Authorities at the Cajon dam have request at least $94,000 from the Budget Committee of Congress to cover operating costs for the final months of 2014.
Juan Francisco Argeñal, the hydroelectric station's manager, told Laprensa.hn that "...