LatinNews Daily - 25 June 2024

In brief: Nicaragua signs more loans with China

*Nicaragua’s President Daniel Ortega has authorised the signing of two loans with two Chinese companies to finance the construction of a highway along the Pacific coast, and to finance Nicaragua’s national disaster prevention and relief system (Sinapred). According to Nicaragua’s national gazette, one loan is with China State Construction Engineering Corporation (CSCEC) worth ¥1.80bn (US$248.48m) for the construction of phase two of the Litoral del Pacífico highway, while the other is for ¥242.39m with China CAMC Engineering (CAMCE) to fund Sinapred. The loans are the latest signs of Nicaragua’s strengthening cooperation with Beijing following agreements signed in April with Chinese firm China Communications Construction Company Limited (CCCC) for solar project Solar El Hato, to be constructed in Ciudad Darío municipality, in Matagalpa department, with CAMCE to strengthen Nicaragua’s “energy capacities”, and agreements with Chinese firms pertaining to the mining sector. The two countries established bilateral relations in December 2021 after the Ortega government severed ties with Taiwan.

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