With a financing of US$184.6mn, Cabei contributes to the improvement of the operational capacities of Puerto Corinto in Nicaragua

This is a machine translation of the original press release issued in Spanish.

To contribute to the growth of the economy and the socioeconomic development of Nicaraguans, the Central American Bank for Economic Integration (CABEI) today approved an expansion for US$21.4 million to finance the "Project for the Improvement of Technical and Operational Capacities of Puerto Corinto In Nicaragua," for a total of US$184.6 million; becoming the largest investment in the port sector of the country during the last decades.

The project will improve the operation of the Corinto Port through a series of works such as the construction of 15,944m2 of dock area, 298.4m2 of walkway area in cruise terminal; 70,890m2 of area in storage, administrative, customs offices and tourism services, increasing foreign trade through the dynamization of more competitive conditions, 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 after the improvements to be made, international cargo and ships will be able to be served, helping to boost national and regional trade, essential to restore the economy affected by the pandemic," said the executive president of CABEI, Dr. Dante Mossi.

With regard to job creation, the project will contribute to the creation of 566 temporary direct jobs during its execution and 122 permanent direct jobs during its operation.

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

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.