From Informe de Pastran June 20, 2012:
"For the Nicaraguan private sector, the construction of a deepwater port on the Atlantic, particularly at Monkey Point, is of a higher priority than the long-term canal project ... The President of COSEP, Joseph Adam Aguerri told INFORME PASTRAN that the canal would radically change the country economically and so he welcomed this project and said that the private sector is willing to support it ... 'But we in the private sector believe that we need to focus on concrete things as well and that means that before looking to the long term, we have to look at the short and medium term and a short-term need is to make efforts to increase exports ', he said that efforts would be made in regards to land customs to achieve this,' but for us something that is a priority and palpable and within our reach, is the port of Monkey Point '... The business leader said such a port and a road that unites the Atlantic with the Pacific would enhance the country's exports.
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The government has rejected Korean proposals for financing the proposed deepwater port at Monkey Point in the South Atlantic.
The head of the National Port Enterprise (EPN in Spanish), Virgilio Silva said the negotiations with the Korean businessmen have so far not been beneficial for the country. The investment promotion agency Pro Nicaragua is seeking new investors.
Feasibility studies for the mega project to build a port on the Caribbean coast of Nicaragua will be ready in 2 years.
The studies, to be carried out by the Brazilian construction firm Andrade Gutierrez, will determine the size of the project. The estimated initial investment for construction of the port and the highway linking Monkey Point to the port in Corinto is between $250 and $300 million.
The Brazilian construction company Andrade Gutierrez has retired from the Monkey Point project, and the government of Nicaragua recognizes that "it is not easy to make it happen."
An article in Prensa.com.ni reports that "The prefeasibility and feasibility studies made by Andrade Gutierrez have revealed that the construction cost per kilometer of the port would be about two million dollars, according to information provided to the press. In addition to the high cost it has been determined that the volume of goods would be insufficient volume of goods for the Monkey Point port to make a return on investment. "
Sit-Global consortium, which is pushing for the construction of a ‘dry canal’, is to bid in the port construction project.
Roberto Duarte, president of Sit-Global, indicated that the proposal put forward by the Korean companies of 9% annual interest for a seven-year term is impossible to pay.