Managua, Nicaragua; February 7, 2017
Central Agro Industrial Nicaragüense, S.A. (CANSA, for its acronym in Spanish), an oil palm producing company, headquartered in Guatemala, announced it will set up shop in Nicaragua this year. The company will be located in the municipality of El Rama, Autonomous Region of the South Caribbean Coast of Nicaragua (RACCS, for its acronym in Spanish), and seeks to establish its palm oil production in an area of up to 7,663 hectares. CANSA anticipates investment of US$44 million in the first phase of the project, which is expected to conclude by 2019.
The project consists of three stages, each of which will last two to three years. With this investment, CANSA intends to contribute to the Government of Nicaragua’s efforts to improve the livelihoods of the inhabitants of the Caribbean region. The company plans to create roughly 2,500 new jobs.
CANSA’S announced project follows the footsteps of Grupo Palma San José, another large foreign investment based in El Rama, which recently inaugurated its first palm oil extraction plant in Nicaragua. The investment of San José amounts to US$13 million and represents the group’s second investment in the country, which has so far invested over US$50 million in Nicaragua’s agro industrial sector.
Nicaragua has over 30,000 hectares of African palm, of which about 10,000 have been established in the last four years. These projects generate between 4,500 and 5,500 direct jobs in the South Caribbean region of Nicaragua. It is estimated that 70 percent of Nicaragua’s palm oil production is exported to Mexico.
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En español: Nicaragua expande producción de aceite de palma