LatinNews Daily - 11 April 2024

In brief: Nicaragua approves China loan to strengthen energy capacity

*Nicaragua’s 92-member unicameral legislature has unanimously approved a 194.471m yuan (US$26.87m) loan from Chinese firm China CAMC Engineering which will be used to strengthen Nicaragua’s “energy capacities”, according to statement by the legislature. According to the statement, with the funds, Nicaraguan state gas company (Enigas) will build three liquefied petroleum gas (LPG) storage spheres which it hopes will allow for “a higher quality supply, price stability, and global coverage”. National legislator Wálmaro Gutiérrez, who presides over the congressional production, economy & budget committee, said that the project is necessary as Nicaragua currently has just three public and two private LPG storage facilities, the fewest in Central America. Gutiérrez also said that, with the construction of these new facilities, Nicaragua’s storage capabilities will increase from 5m gallons to over 8m. This is the latest sign of burgeoning bilateral cooperation since Nicaragua established diplomatic relations with Beijing in late 2021 after severing ties with Taiwan.

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