IDB offers financing to investment projects in Nicaragua

May 10, 2011 - By invitation of PRONicaragua, the official investment promotion agency of Nicaragua, the Vice-President of the Private Sector Department of the Inter-American Development Bank (IDB), Steven Puig, visited the country from April 27-29, as part of the Government of Nicaragua’s strategy to link financing sources with investment projects in the country.

During his visit, Mr. Puig, who was accompanied by Manuel Coronel Novoa, Executive Director for Central America at the IDB, gave a presentation addressed to business chambers and private companies where he introduced the various services offered by the IDB and the funds that are available to finance investment projects in Nicaragua.  The meeting was presided by Mr. Puig and General Alvaro Baltodano, Presidential Delegate for Investment, and was also attended by Javier Chamorro Rubiales, Executive Director of PRONicaragua, and Jose Adan Aguerri, President of the Superior Council of the Private Sector (COSEP, for its acronym in Spanish), as well as other important local businessmen.

During the meeting, the development of Nicaragua’s private sector was presented to Mr. Puig, as well as a portfolio of various key investment projects that could be candidates to receive financing from the IDB.

As part of the agenda, the representatives of the IDB visited the mining operations of the company HEMCO, located in Bonanza, in the North Atlantic Autonomous Region of Nicaragua (RAAN, for its acronym in Spanish). Various representatives of PRONicaragua, HEMCO and Alexander Alvarado Lam, Major of Bonanza, participated in this visit. HEMCO also has investments in hydroelectric energy, forest plantations and business process outsourcing, for which their approach to the IDB responds to their interest to continue developing investment projects in the country with funding from the multilateral institution.

The IDB is associated with Latin American and Caribbean countries to provide financing and expertise that contribute in achieving economic and social development. In Nicaragua, there are opportunities in various specific sectors, for which Mr. Puig commented that “the best measure of a country's political risk is the willingness of foreign investors to continue investing and diversifying their projects in the country, and if they are doing so, it is because they have had a positive experience.”

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