CABEI and the Republic of Nicaragua analyze actions to promote the development of the country's land and maritime infrastructure

Managua, February 28th, 2023. - As part of the memorandum of understanding signed between the Central American Bank for Economic Integration (CABEI) and the Republic of Nicaragua, a CABEI mission and government authorities last week analyzed the mechanisms and actions for the construction of the port located within Bluefields Bay in Nicaragua's Southern Caribbean.

According to the results of the complementary studies carried out by an independent consultant, this project is feasible and its construction, according to the feasibility studies, would require an investment of US$ 594 million.

"As CABEI, we are part of the competitive and productive transformation of the Republic of Nicaragua and we are certain that the port of Bluefields would become a first-class port in the Caribbean. In addition, it would eliminate the country's dependence on other ports in neighboring countries and reduce costs for Nicaraguan exporters, allowing the country to compete for exportable cargo," said CABEI Executive President Dante Mossi.

CABEI is currently analyzing an innovative business structure for greater benefit to the country, and with this "Credit Facility" financing structure, no sovereign public debt will be generated, in addition to the collaboration of private sector companies for the construction of this project of great economic and social impact.

The deep water port, which would be located in Bluefields Bay, includes among its components the construction of port infrastructure, a 7.2 kilometer access road to connect to the national road network, equipment, as well as maritime access and dredging.

Bluefields has a population of 113,451 inhabitants, 94.9% of whom live in poverty and extreme poverty, and is the only place in Nicaragua where six different ethnic groups coexist. It also has significant economic potential, mainly in the form of agricultural industries for export (palm oil, fertilizers, cereals), so the construction of a seaport is key to the urgent economic and social reactivation of the area.

Nicaragua is one of CABEI's founding members since 1960, and as a development bank it contributes to the reduction of poverty and inequality, improving the quality of life of more than 6 million Nicaraguans through the execution of 25 programs and projects.