Published by CABEI

In order to contribute to Nicaragua's economic growth and socioeconomic development, the Central American Bank for Economic Integration (CABEI) today approved a US$21.4 million extension to finance the "Project to Improve Puerto Corinto's Technical and Operational Capabilities" in Nicaragua, for a total of US$184.6 million, making it the largest investment in the country's port sector in recent decades.

The project will improve the Puerto Corinto's operations through a series of works such as the construction of 15,944 m2 of dock area, 298.4 m2 of cruise terminal gangway area, 70,890 m2 of storage, administrative, customs and tourism service areas, increasing foreign trade by making conditions more competitive, thus benefiting the country's producers and consumers, in addition to promoting the mobilization of 39,355 more passengers per year.

"Puerto Corinto is, without a doubt, a strategic project for Nicaragua, since the improvements that will be made will enable the port to handle international cargo and ships, thus contributing to boosting national and regional trade, which is essential for restoring the economy affected by the pandemic," said CABEI Executive President, Dr. Dante Mossi.

In terms of employment generation, the project will contribute to the creation of 566 temporary direct jobs during its execution and 122 permanent direct jobs during its operation.

The US$21.4 million expansion is in addition to the financing approved in July 2018 for US$163.2 million and is a product of the increase in the project's scope to adapt it to the port's current technical and operational needs. 

The financing is for a 15-year term, with a three-year grace period and an indicative interest rate of Libor 6 months plus 215 basis points.