Starting April 21, 6 nicaraguan banks will include among its services online money transfers.
The six banks are part of the ACH Unired network, an entity authorized by the Central Bank of Nicaragua to operate in the country. Some banks offer no-cost transfers, while others charge transaction fees ranging between $5 and $20.
The banks are Lafise, BAC, ProCredit, Ficohsa, Banpro and BDF.
Nathan Associates Inc. was selected to provide inspection services for the operation and exploitation of the port terminal for a period of three years.
From a statement by the Commission for the Promotion of Public-Private Partnerships (Coalianza):
Through a transparent and competitive process consistent with the concession to operate the container terminal, the Technical Committee of the Trust awarded the contract to the company Nathan Associates Inc. for Inspection Services, Operation and Exploitation of the Specialized and General Cargo Container Terminal at Puerto Cortés. As Inspector of Operations, Nathan Associates will ensure strict compliance with the standards of service and productivity of the container terminal for a period of three years.
The increase in remittance income is the main factor that has led to the value of the local currency against the dollar rising to its highest level in the past two years.
While in other Central American countries local currencies have tended to lose value against the dollar, in Guatemala the strong flow of foreign exchange into the country has put upward pressure on the supply of dollars causing an appreciation of the quetzal, which was quoted on 5 October at Q7,63 to the dollar.
The government has signed a letter of credit to finance part of the construction of the logistics corridor for the section between Goascorán, Valle and the village of San Antonio, Comayagua.
From a statement issued by the Presidency of Honduras:
The government of President Juan Orlando Hernández was a witness of honor on Tuesday to the signing of the Credit Agreement for the Logistics Corridor which will connect the Pacific and the Atlantic oceans, as one of the areas of development for the country and which has as its primary objective to be considered as an important alternative to the Panama Canal.
With financial support from the Colombian Union of Energy Workers, ENEE employees could take over the company's distribution network.
The Union of Workers of the National Electricity Company (STENEE) has submitted to the Union of Workers of the National Power Industry (UTEN) of Colombia a technical and financial proposal for the development of a project called "Optimization of the distribution network to assure ENEE revenue".
The contract for the construction, equipment, financing, maintenance and operation of the Honduran port terminal, was signed yesterday by COALIANZA, Banco Ficohsa and the Philippino company International Container Services.
The president of COALIANZA, Carlos Pineda, said that the signing of this contract with International Container Services (ICTSI) exceeded 25% of the estimated investment in the tender process, which initially was $500 million, with a final bid of $624 million .
Funded by a $10 million trust fund administered by Ficohsa, the award has been made for the construction of diversion Yamaranguila-El Obispo and the stretch of road from San Miguelito–San Juan to the construction company William & Molina.
Elheraldo.hn reports that "This tender has been developed jointly with COALIANZA, with the support of technical, financial and legal high profile consultants, as stipulated in the trust agreement."
The Honduran Council of Ministers has approved a draft decree relating to a trust agreement for the structuring, development and financing of the operation of the bulk cargo terminal at Puerto Cortes.
From a press release by the Presidency of Honduras:
The Council of Ministers, of the government of President Porfirio Lobo Sosa , approved the draft decree on Tuesday relating to a trust agreement for the structuring, development and financing of the operation of a bulk cargo terminal at Puerto Cortes, at the request of the National Commission for the Promotion of Public-Private Partnerships (COALIANZA).
The bank will arrange for a team of advisers who will structure an international tender to award works for modernizing the port.
After calling a tender, the official body Coalianza has chosen Honduran Banco Financiera Comercial SA (Ficohsa) as trustee bank and arranger of the modernization project of Puerto Cortes.
Using the mechanism of Public Private Partnership (PPP), Ficohsa, as trustee and arranger, is responsible for hiring a team of consultants (independent companies) in the technical, economic, financial, socio-real estate, environmental and legal fields, which together with Coalianza will create the documents entitled the "Project" and "International public tender to modernize the port facility", reports Elheraldo.hn.
The Honduran bank has received approval from the Guatemalan Superintendency of Banks to provide services from April.
The financial group Ficohsa can use its brand for transactions and banking services in Guatemala from next April, authorized by the Guatemalan Superintendency of Banks.
"With this release, very soon in Guatemala will launch and promote the brand that has penetrated so successfully in Honduras, Panama and the state of Florida in United States of America, consolidating the Group's strategy to internationalize and expand into other markets", said Ficohsa.
The IFC ratified agreements to support the expansion and capitalization of Ficohsa Bank.
A press release from the International Finance Corporation (IFC) reads:
The IFC Capitalization Fund has signed agreements that will support expansion plans and the capitalization of Banco Financiera Comercial Honduras, SA, investing $70 million in capital resources.
To support the economic sector of Honduras, Ficohsa Bank is opening new financing options with funds from Banhprovi.
The funds from the Honduran Bank for Production and Housing (Banhprovi) that are available through lines of credit at Ficohsa Bank are designated for urbanization and housing construction projects as well as for the construction of commercial real estate for farming or industrial distribution centers, among others.
Ficohsa Bank announced that it will offer loans for projects at a rate of 10% with 7 year terms and a 3 year grace period.
The funds are coming from credit lines with BANHPROVI (Honduran Production and Housing Bank), and are oriented toward the growth of the country’s productive sector.
According to latribuna.hn, appropriations were earmarked for "urbanization and housing construction projects, and the construction of multiple commercial properties," among others.
The Netherlands Development Finance Company (FMO) and the German Investment and Development Company (DEG) granted a line of credit to Ficohsa Bank for $45 million, official sources reported.
The funds from this credit will be used by Ficohsa Bank to strengthen its strategy of diversifying its loan portfolio for the Housing, Agro-Industrial, Industrial and Small and Medium Businesses sectors, they explained.
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