Venezuela to Fund
Overhaul of Ports in
Nicaragua
The government of
Nicaragua is investing
some us$60 million
dollars to overhaul
existing ports and build
new ones on the Pacific
and Atlantic shores in
order to meet growing
demand from the exports
sectors.
The Nicaraguan
government with likely
financial assistance
from Venezuela and
domestic and foreign
investors will fund such
projects.
"We have made the
decision to revamp our
ports, particularly on
the Pacific," in order
to meet an increase,
particularly over the
last 12 months, in
Nicaraguan exports bound
for Central America, the
United States and
Europe, said the chair
of the Nicaraguan Ports
Authority (ENAP),
Virgilio Silva.
The largest works will
be carried out in the
leading Nicaraguan port
on the Pacific coast,
Corinto, located 150
kilometers northeast
Managua, where ENAP is
building three new piers
with a cost estimated at
us$36 million, 80
percent of which will be
provided by Venezuela.
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