March 2008
Issue: 2008 - 2
Nica - Newsletter
Greetings from Nicaragua,
We are well into the new year and as we expected, the
business community continues to hum along here. Foreign
investment dollars continue to flow into the country. Although
the flow from the US has slowed down considerably, investments
from other nations in the region, Europe and Asia continue to be
strong and new ventures are springing up around the country.
As you'll see from the articles below, Nicaragua is receiving
great tourism press, no surprise to anyone living or visiting
here. The economy is strong, but inflation largely due to rising
oil prices is pushing up a bit causing the costs of construction
to edge upwards. International development money is making a
huge difference in the highway infrastructure around the country
and other aid projects are making strides at reducing poverty
and providing needed educational and health services in
sustainable ways.
At Gran Pacifica, we've added a couple headliners to the
corporate ranks. Pittsburgh Steeler and Hall-of-Famer Franco
Harris joins the company in a marketing capacity and enjoyed a
great visit to the Annual Shareholders Meeting in January.
Additionally, Ambassador John Maisto joins our Board of
Directors and will provide valuable insights and guidance for
the company. Both of the additions are detailed below.
Gran Pacifica also continues to move forward with home
construction with 5 starts in the month of February. The Las
Perlas Condominiums are receiving weekend visitors on a regular
basis now that the units are available for rentals. The Milagro
del Mar condo project is under construction with over half of
the units sold at this point. Completion is anticipated in July
2009. If you'd like to visit or stay with us for a few days,
please e-mail
president@stealthfinancial.com and we'd be happy to have
you.
We hope that you'll enjoy the good news and
articles pasted below. If you'd like to receive a copy of our
Nicaragua Handbook, please e-mail your physical address to
president@stealthfinancial.com and we'll send one out to
you. In addition, I'll be speaking at an upcoming real estate
conference early June in Cancun and if you'd like more
information about it, you can visit the link below.
http://www.greventures.com?auth=1dfd239b1fecd8e805b41c513a99013d
As always, thank you for your continued interest in
Nicaragua. Until the next report, all the best,
Mike Cobb
Chief Executive Officer
Gran Pacifica
www.granpacifica.com
Barry Dufresne
President
Stealth Financial Services
Rica Nica Nicaragua Real Estate Services. Travel and Tourism
www.Stealthfinancial.com
president@stealthfinancial.com
Table of Contents
Tourism
Nicaragua
'catches the eye' of investors
Nicaragua is set to emerge as a property investment hotspot,
reports suggest.
According to Homesgofast.com, a number of publications
including the Financial Times have singled out the country as
"the next great destination" in Central America.
The website added that attractive beachfront properties
available at "amazing prices" and eco-friendly developments like
Balcones de Majagual boost the country's appeal.
Situated on the Pacific coast, Balcones de Majagual features
a selection of environmentally-friendly homes available both for
sale and for rent.
To continue reading,
click here
Gran Pacifica
Grows in the Coast
Nicaragua Tourism Project will have two
condo buildings, a hotel and a golf course.
Fidelina Suárez Moreno
www.capitalfinanciero.com
Pacifica Beach & Resort Nicaragua Project will invest around
$ 100 millions in the next five years in the construction of a
tourism citadel in the Pacific coast, including a hotel, condos,
houses, restaurants, shops and a golf course.
By mid January, 150 project promoters, among Americans,
Canadians and Europeans businessmen, presented the Milagro del
Mar Complex, which is the second phase of the construction of
luxurious Gran Pacifica condos.
Infrastructure started in 2004 and has all the benefits
granted in Tourism Incentive Law, thus being exempted of income
tax and added value tax during the first years of operations
It is located in Villa El Carmen, department of Managua,
about 27 miles from the Capital city.
To continue reading,
click here
Oasis
International Fishing Tournament
www.nicaliving.com
The third annual Oasis International Fishing
Tournament is set to take place from 6 to 8 March 2008
in
Bluefields situated at the mouth of the Escondido River in
the Autonomous Region of the Southern Atlantic
(RAAS), Nicaragua. With a beautiful setting and
abundant fish, the Oasis International Fishing
Tournament is becoming increasingly popular.
The tournament focuses primarily on snook and tarpon; however
there is also an open category, as well as a “fun fish”
category. Past “fun fish” catches have included some unusual and
even bizarre species. The tournament is sponsored by the
Oasis Hotel and Casino and it is anticipated that
previous sponsors – Suzuki, Victoria beer and Coca Cola – will
once more join in the fun and excitement of the Oasis
International Fishing Tournament.
The tournament kicks off on Thursday 6 March 2008 with a
Captain’s Meeting followed by a festive get-together. Registered
participants will be treated to a complete seafood dinner
complete with drinks and live music performed by local
Bluefields band, Caribbean Taste. After dinner the Old Bank
award winning dance group will entertain the crowd in front of
the Oasis Hotel.
To continue reading,
click here
Nicaragua
Will Connect Costa Rica and Honduras Through Coastal Highway
Intur is announcing the coastal highway with support of
Venezuela
Intur Press Release
A major impact project on the economy of Nicaragua is the
construction of "Coastal Highway Project," said Minister
President of the Nicaraguan Institute of Tourism (INTUR),
Architect Mario Salinas Pasos.
Architect Salinas said that the Government of National Unity
and Reconciliation is going to build a road that runs along the
Pacific Coast until Masachapa, which will join the paved road to
the old road to Leon and Chinandega where it will connect with
the Port of Potosi. With this road project, Nicaragua is
virtually connecting Costa Rica and Honduras from the Pacific.
The Coastal Highways will be around 80 miles long and cost will
exceed $ 120 million.
To continue reading,
click here
Europe too
expensive? Consider Central America
by
Christine Sarkis, SmarterTravel.com Staff –
Does the prospect of the strong euro and increasingly
expensive Europe airfare have you thinking about other
destinations? Maybe it's time to consider Central America.
Decades removed from the civil strife of the 1980s, Central
America is safer than it used to be, and tourism is on the rise.
Travel is more affordable in the region, flights from the U.S.
usually aren't too long, and you won't have to contend with a
major time difference.
Plus, there's so much to do! Soak in hot pools in the shadow
of a volcano in Costa Rica, dive the world's second longest
barrier reef in Belize, and see the sunrise over ancient Maya
ruins in Guatemala. Surf in El Salvador, explore colonial towns
in Nicaragua, or go rare-bird watching in Panama.
To continue reading,
click here
Nicaragua
Pledges Drug Cooperation
Tuesday, February 05, 2008
Fox News. Managua, Nicaragua
Nicaraguan President Daniel Ortega is ready to work
more closely with Washington on anti-narcotics initiatives, he
told a visiting group of DEA and State Department officials
Monday.
"We are seriously committed to the fight on drug trafficking
because the poorer the country, the more easily it can fall
apart," Ortega said at a meeting with DEA chief of operations
Michael Braun, DEA regional director David Gaddis and Christy
McCampbell, deputy assistant secretary of state for counter
narcotics.
"Our goal is to turn a new page on our relationship with the
U.S. and its institutions and agencies to strengthen this
fight," Ortega added.
To continue reading,
click here
Business and Economy
Franco
Harris Joins Team of Pittsburghers Creating Resort and
Retirement Communities in Central America
Retired Football Star Attracted to ECI Development's
Humanitarian Outreach; Will Lead Chartered Trip to Nicaragua in
January
PITTSBURGH, PA – 6 Dec. 2007 – Pittsburgh Steelers Hall of
Famer Franco Harris has joined a new team – ECI Development Ltd.
– founded by Pittsburghers who are building socially responsible
resort and retirement communities in Central America with
properties in Belize, Nicaragua and Costa Rica.
Harris, 57, is the owner and operator of Super Bakery Inc. of
Pittsburgh, a world leader in healthy bakery products, as well
as a social activist and philanthropist.
ECI Development's Gran Pacifica Resort in Nicaragua is
launching a second wave of construction of beachfront
residential, condominium and hotel units targeting the North
American baby boom generation that's soon to retire and seek a
go-to destination.
To continue reading,
click here
Commerce
Sub Secretary Padilla to Review CAFTA-DR Implementation and
Expanded Trade Opportunities During Visits to Honduras,
Nicaragua and Costa Rica
U.S. Under Secretary of Commerce for International Trade
Christopher A. Padilla will travel to Honduras, Nicaragua and
Costa Rica today begins a 5-day trip to review implementation of
the United States-Dominican Republic-Central America Free Trade
Agreement (CAFTA-DR) and discuss continuing efforts to
strengthen trade and investment ties with and throughout the
region. Padilla will meet with senior government officials and
private sector representatives, as well as visit companies that
are benefiting from the agreement.
“Since implementation in 2006, CAFTA-DR has supported jobs
and boosted exports in both the United States and Central
America,” said Padilla. “Within one year of CAFTA-DR coming into
force, the United States went from a trade deficit to a trade
surplus with our CAFTA-DR partners. Moreover, the agreement has
been critical to strengthening good governance, rule of law, and
transparency in the region.”
During meetings with Honduran, Nicaraguan, and Costa Rican
government officials, Padilla plans to stress the need to build
on the successes of CAFTA-DR, as well as tackle the related
challenges.
To continue reading,
click here
Sitel
Expands Global Footprint to Managua, Nicaragua
Wednesday February 13
BPO Leader's Expansion Illustrates Growing Demand for Latin
America-Based Customer Support Services
NASHVILLE, TN--(MARKET WIRE)--Feb 13, 2008 -- Sitel, a
leading global business process outsourcing (BPO) provider,
today announced it will open a customer care facility in
Managua, Nicaragua in April 2008. Sitel's new multi-channel
contact center will strengthen the Company's ability to provide
high-quality, multilingual customer care and technical support
solutions to leading companies worldwide. The 14,747-square-foot
facility located at Torre Invercasa No. II, Frente al Colegio La
Salle, is expected to staff more than 250 associates with the
capacity for an additional 180 seats. Sitel's recent expansion
to Nicaragua demonstrates growing demand among Sitel clients for
Latin America-based contact center support.
"Latin America is a key part of the growing near-shore
horizon to support English and Spanish bilingual customers in
North America," said Dave Garner, CEO of Sitel. "Nicaragua
offers a talented bilingual workforce to support our clients.
We're proud to expand Sitel's presence in the region."
To continue reading,
click here
New Wave
announces management and geologist for Nicaraguan property
www.alacrastore.com/storecontent/newstex
Friday February 22, 11:13 am ET
TORONTO, Feb. 22 /PRNewswire-FirstCall/ - Wave Mobile Inc.
(OTC:
NWWV.PK -
News) is pleased to announce it is in the final stages of
signing employee agreements with key management personnel that
will co-ordinate and oversee all aspects of its mining
operations in Nicaragua. Glen Hodgson, a noted mining geologist
and Mr. Mohamed Sankar, a businessman entrepreneur, have agreed
to take over the responsibilities of Director of Exploration and
Development and Operations Manager respectively. Mr. Mohamed
Sankar and Mr. Glen Hodgson bring a combined mining and business
experience in excess of sixty years, and are well suited for
their respective positions.
Each is well versed with the local business environment and
practices and fluent in the local language. Contracts and
compensation should be completed in the next few days.
In addition, the Company is in final negotiations with local
mining lawyers and engineers to complete its mandate of
assembling a highly experienced mining team in order to
effectively and efficiently operate its mining projects.
The company is very pleased to date that it has retained some
of the best qualified personal in Nicaragua to join the board.
It speaks highly of the potential of the properties that have
been acquired and further to the potential of the ones that have
been identified in and around our La Curva gold property.
To continue reading,
click here
Loan
Signing for Limon Ciudad Puerto
The World Bank to Finance 72, 5 millions
www.elfinancierocr.com
27/02/2008 02:00 PM
Editorial Office
President Oscar Arias confirmed this morning that for the
first time in several years, the province of Limón will be a
priority to the country.
The President and Finance Ministry officials signed with the
World Bank a $72.5 millions loan agreement to finance the
reactivation of Limón and supporting the port modernization.
In a press release, the Government announced the amount will
be completed with fund counterpart of $7.5 millions to total $80
millions.
With the participation of 14 institutions and for the next
five years, this credit will allow the execution of public works
such as the restoration of historic buildings as well as the
construction of cultural and recreational parks.
To continue reading,
click here
Government
expects to solve all registered property disputes by 2011
www.nicanet.org
Prosecutor General of the Republic (PGR) Hernan Estrada hopes
to resolve all 5,620 of the registered property disputes within
Nicaragua during the current administration (2007 – 2012).
“President [Daniel] Ortega hands out property deeds every week
and will continue to do so on a massive scale [during his
administration],” said Estrada. “At this rate, we expect to
resolve all of the property disputes left unresolved by the
previous governments” including the 562 cases involving foreign
nationals, the majority, US citizens.
To continue reading,
click here
Nicaragua
Government signs Loan Agreement for 47.7 million dollars with
IDB
nicaragua-bid23-02-2008
Nicaraguan Government Officials and the IDB signed two Loan
Agreements for 47.7 million dollars to support projects in
energy and construction of popular housing.
The Ministry of Finance, Alberto Guevara, informed that one
of these loans for 32.7 million dollars is to implement projects
in the electric energy sector.
These funds will be also used to repair two hydroelectric
plants in the northern region of Nicaragua, as part of the plans
to reduce oil dependence in the electric energy generation.
The second loan is for 15 million dollars destined to the
construction of 50,000 houses in different places of Nicaragua.
Both loans were signed by the IDB representative in
Nicaragua, Mirna Liévano, and the Ministry of Finance, Alberto
Guevara, in a neighborhood in Managua during the program “People
President” presided by the sandinista ruler Daniel Ortega.
2008
Edition of Telecoms, Mobile and Broadband in Central America
Report Offers a Wealth of Information on Trends and Developments
in the Industry
www.centredaily.com
Thursday, Feb. 28, 2008
DUBLIN, Ireland — Research and Markets (http://www.researchandmarkets.com/reports/c84195)
has announced the addition of 2008 Latin America - Telecoms,
Mobile and Broadband in Central America to their offering.
The Central American countries are Belize, Costa Rica, El
Salvador, Guatemala, Honduras, Nicaragua, and Panama, all of
which are small countries with generally low GDP per capita but
with considerable scope for development in all telecom sectors.
This annual report offers a wealth of information on the trends
and developments in fixed-line telephony, mobile telephony,
Internet, broadband, digital TV, and converging media including
VoIP and IPTV developments.
Subjects include:
- Key statistics and forecasts;
- Market and industry overviews;
- Government policies and regulatory issues;
- Historical information;
- Major players (fixed-line, mobile, broadband, and pay
TV);
- Telecom infrastructure (national and international,
fixed and wireless);
- Mobile voice and data markets;
- Internet market and VoIP;
- Broadband (DSL, cable, wireless);
- Convergence, pay TV, and developments in digital TV.
To continue reading,
click here
P. Licks
Puts Fair Trade Organic Nicaragua Coffee in the Spotlight
www.theopenpress.com
DATELINE: BOSTON; BROOKLINE; JAMAICA PLAIN; NEWTON CENTRE;
SOMERVILLE AND WEST ROXBURY, MA
J.P. Licks, the Kosher-certified scoop shop with seven stores
in and around Boston, is known for their high quality, homemade
(and sometimes outrageously flavored) ice cream. But, what many
don’t realize is that they are just as particular about their
coffee – where it comes from, how it’s roasted and how it
tastes.
With February being “Specialty Coffee Month”, J.P. Licks’
passion for coffee and commitment to coffee growers is
highlighted through their limited edition offering of Fair Trade
Organic (FTO) Nicaragua coffee, which comes from Promotora de
Desarollo Cooperativo de las Segovias (PRODECOOP), based in the
Segovia region of Northern Nicaragua and boasting of 40
cooperatives.
PRODECOOP was established in 1993 to provide assistance to
its members’ families in the sustainable production and the
marketing of their coffee. Their revenues from fair trade sales
support many social and quality control programs including:
primary and secondary school scholarships and books; a revolving
social fund that assists with disaster relief, healthcare and
homebuilding; an organic production program that has boosted
their certified organic coffee production significantly;
improved processing equipment and the creation of a quality
control center to maintain their high standards.
To continue reading,
click here
Nicaragua
resume Free Trade Agreement talks with Canada
www.elnuevodiario.com
The Nicaraguan government said on Wednesday its readiness to
resume negotiations for the signing of a Free Trade Agreement (FTA)
between Central America and Canada, which were suspended six
years ago by discrepancies.
"We will resume the negotiations of the treaty from a
regional approach which is also convenient to Canada," said
Minister of Development, Industry and Trade of Nicaragua,
Orlando Solorzano.
The official explained that negotiations were stopped because
of some differences in the treatment to some products, mainly
textiles, but now there is a willingness to accelerate the talks
with more flexible positions.
To continue reading,
click here
Humanitarian Works
Charity Workers Gear Up for Trip to Nicaragua
Southlake Times Star Community Newspaper
By SARAH BLASKOVICH, Staff Writer
(Created: Thursday, February 14, 2008)
Last time Westlake resident Debbie Dickey was in Chinandega,
Nicaragua, she saw first-hand why her international efforts were
useful, she said.
A visit to the local children’s hospital revealed rooms of
sick kids sleeping in beds without sheets, with a snoozing
mother in a nearby chair. The town clinic had a single, dim
light bulb, forcing the female doctor to do her work outside in
the hot air, Dickey remembered.
“It’s little things that make you realize the contrast
between what we have here and what’s not there.” Dickey said.
Dickey and about 15 or 20 Southlake, Denton and Flower Mound
residents who are members of several nearby Rotary Clubs will
return to Nicaragua in March to continue building a medical
clinic. Last year, volunteers erected a two-room building from
the ground up, made of cinder blocks. This year, the local group
hopes to build another three rooms.
“It’s just about helping people out that have less than you
do,” said Phyllis Catton, international director for the
Southlake Rotary Club. “They have nothing.”
The country was ravaged by two separate hurricanes since
2005, Catton said, and the third-world community is in need of
medical supplies and housing. The clinic will aid residents of
La Florida, an annex of 8,000 people who live in a poor
neighborhood near Chinandega. Each room in the clinic costs
about $10,000 to build, so the Rotary groups are hoping to raise
at least $30,000 to build the three rooms. About half the money
has come in so far.
To continue reading,
click here
WFU
group to help Nicaraguan businesses
Wednesday, February 27, 2008
Sixteen students and at least two faculty members from Wake
Forest University will spend spring break helping Nicaraguan
business owners, while also learning about business.
The March 7-14 trip will be the fourth made by students from
the Babcock Graduate School of Management in a little more than
a year as part of the Project Nicaragua program.
"They are going to offer two simultaneous business seminars,
making it possible to keep the intimate classroom environment,
but serving twice as many people," Sherry Moss, the project's
faculty adviser. "They are also going to work one-on-one with
several of the returning participants before and after the
seminar in an effort to sharpen their consulting skills while
helping the entrepreneurs with their specific challenges."
Chris Yuko, a Babcock student, one of the project's founders
and the Nicaragua program director, said the two seminars will
allow the students to work with 40 Nicaraguan business leaders.
"We are very proud of the impact we have had on these
business leaders," he said. "Now we desire to take it to the
next level and find a way to quantify the impact we are having.
We are looking to establish a video conference center in our
partner organization's office here in Managua. This will allow
us more continued direct contact with the network of businesses.
Student teams at Wake Forest will be able to speak directly with
their businesses and continue the two-way learning and transfer
of knowledge that takes place during the trips to Nicaragua."
More than 30 individuals at Babcock are working on the
project, which was in fall 2006 by several Babcock students.
In addition to the business seminars, the students plan to
launch the first children's activity day at La Chureca, the city
dump. It is home to approximately 1,500 people.
For more information about Project Nicaragua, visit
www.mba.wfu.edu/nicaragua.
Gran
Pacifica shareholders and homeowners at Calle Nueva Rural School
Ligia Diaz, CHESS Project Coordinator*
This is the second time we hold a social event with Gran
Pacifica’s shareholders in one of the CHESS schools. The first
time was at Osneida Medrano School (48 students) in January 2007
and this second time at Calle Nueva School (60 students). At
Calle Nueva the event was very special because we were also
inaugurating our first mini library project in Villa El Carmen.
An old unused classroom was transformed into a clean welcoming
space for children to read in groups or alone.
On Sunday January 13th, Gran Pacifica shareholders,
homeowners and friends donated 250 books as a total for the five
mini libraries we plan to finish by mid 2009. They also painted
swings, tables, chairs and bookshelves.
Franco Harris, former Pittsburgh Steeler and Hall of Fame,
who recently joined Gran Pacifica was especially involved in
teaching students how to paint their own furniture.
We enjoyed wonderful performances from the students: a
Folklore dance, a poem by Ruben Dario and most importantly we
were able to confirm that students are learning English by
hearing them sing.
To continue reading,
click here
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