Ecocanal S.A. Signs Concession Contract
The Concession Contract between the Government of Nicaragua and the private company Ecocanal, S.A. was signed on Wednesday, November 1., 2000. This is the final legal step needed to proceed with the construction of the private waterway to re-connect Lake Nicaragua and the Caribbean Sea. All these procedures according to the Concession Law approved by The National Assembly of Nicaragua at the end of last year.
The Concession Contract gives the private company Ecocanal, S.A. all the rights to the exploration and studies in the Rio San Juan, Lake Nicaragua and Rio Tiptop that will lead to the reopening of this route as a shallow draft waterway. The last time this route was open to commercial navigation was in 1898. For more than one century, this important waterway has been closed to commercial traffic, denying Nicaragua a natural and historic access to the Caribbean Sea.
The development of this project is now in the hands of the private enterprise, and will be open to all Nicaraguan and foreign investors. The company is in the final stage of the Financial Prospectus.