In the absence of concrete actions by the state, companies in the province of Limón have announced that they will promote economic development in the area using foreign investment.
In order to generate more projects to develop economic activity in the province of Limón, employers in the area are calling for foreign investors who have an affinity with the region.
The Paradisus Papagayo Bay Resort & Luxury Villa’s under construction in Costa Rica on stabilization of operations would operate as a profitable business, with net income of 35.3% of total revenue.
A report by a swiss capital company, SunVesta Inc., published by the United States Securities and Exchange Commission (SEC) reports on the details and progress of the $190 million tourist resort that the firm is developing in the Gulf of Papagayo in Guanacaste, Costa Rica.
The Coastal Act passed four years ago encouraged tourism and real estate development in the Pacific.
Businessmen claim that the legal certainty provided by the legislation has resulted in more tourism and real estate projects in coastal areas, but there are still a lack of incentives for investment in projects in the Caribbean.
Adiak Barahona, CEO of Gran Pacifica Resort, told Laprensa.com.ni that "the Coastal Act eliminated uncertainty for landowners near the beach and encouraged the building of homes measuring more than 300 square meters."
The coastal areas contain half of the most fertile land in the country with substantial resources for fisheries and tourism.
With the implementation of Fomilenio II in the coastal area of El Salvador, there is great opportunity for the development of agriculture, leveraging funds expected to be provided by the U.S. government with a counterpart by the Salvadoran government, in addition to the private investment that could go along with production projects.
The Investment Committee of the Millennium Challenge Corporation has given approval for the implementation of Fomelino II in the marine coastal area of El Salvador.
This "is a momentous step for the realization of this strategic commitment which will bring significant benefits to the population of the coastal area and the country in general," said Alexander Segovia, Technical Secretary of the Presidency.
There will be additional credit lines for investments in areas where the U.S. government assistance program is carried out.
"Currently, there are 67 expressions of interest for investment in projects to be implemented in the coastal zone, and that number could rise to 80, with a new call be undertaken by the Government in the next few days", reports Diariocolatino.com.
47 companies replied to the call by the Government of El Salvador to present investment projects supported by grant funds from FOMILENIO II.
Elmundo.com.sv reports that the Salvadoran government "already has 47 expressions of interest to run future investment projects in the coastal zone of the country, as part of the second Fomilenio, which together amount to $413 million."
The second FOMILENIO program will prioritize private enterprises and emphasize the development of the coastal zone.
Initial consultations with employers from different fields for the purpose of choosing the projects within the FOMILENIO II program, sponsored by the United States Millennium Challenge Corporation (MCC) government began this week.
"The consultation started on Monday and has to do with an important aspect with regard to investment opportunities," said the technical secretary of the presidency, Alexander Segovia, according to Diariocolatino.com.
Newland International Properties has announced that it has approved an agreement that enables the release of company funds in order to finance the works still to be completed.
The company Newland International Properties Corp. announced on Tuesday that it has reached an agreement with the holders of its bonds, which will allow the building the Trump Ocean Club hotel to be finished, reported Capital.com.pa.
Private investors have had their interest aroused by opportunities offered by the second agreement with the Millennium Challenge Corporation for development of the coastal and maritime zone.
The government of El Salvador expects to sign a second agreement with the Millennium Challenge Corporation (MCC) of the United States to promote projects in the coastal area of the country, called Fomilenio II.
Investors are threatening a lawsuit against Newland Properties, the owner company, for an alleged breach of bond principal payments in November.
The owners of Hotel Trump Ocean could face legal action from Gary Lundgren, owner of 15% of the bonds that were used as financing for the construction of the building, for an alleged breach by failing to pay the agreed capital in November 2011.
The Panamanian government will announce in the coming weeks a tender for several tourist developments in the area.
The executive secretary of the Management Unit for Reverted Property (UABR in Spanish), Juan Carlos Orillac said they have already completed a development plan for the area prepared by the Spanish consulting firm C4T .
"The exploitation of the beautiful beaches of Sherman offers the industry, the chance to construct of six ecotourism hotels, yacht marinas, cultural centers, eight housing cores and recreation centers.
A proposal has been presented to the bondholders to extend the term of the debt.
$220 million in bonds issued in 2007 to build a luxury apartment building called Trump Ocean Club, owned by tycoon Donald Trump, will be restructured before the next payment of debt, which is due on November 15.
This is the date when Newland International Properties Corp.