No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeTopicsLatin AmericaNicaragua's Housing Project with China: What it Means for the Country's Future

Nicaragua’s Housing Project with China: What it Means for the Country’s Future

Nicaragua on Sunday began building thousands of subsidized housing units with Chinese aid in the first such major project since the countries established diplomatic relations in 2021.

The plan — launched with China’s International Development Cooperation Agency, whose director Luo Zhaohui arrived in Nicaragua Friday — calls for building just over 12,000 housing units around the country.

“This is a truly historic day. This is a program that is going to benefit thousands of Nicaraguan families,” Laureano Ortega Murillo, a presidential adviser on trade and investment and the son of Nicaraguan leader Daniel Ortega, said at the groundbreaking ceremony.

Nicaragua and China established diplomatic relations in 2021 after Managua severed ties with Taiwan and switched its recognition to Beijing.

Since then the two sides have signed memoranda to promote Chinese investment in the impoverished Central American country.

In addition to the $60 million housing project, China has said it will also build power plants and has other plans in the areas of culture, health and education, among others.

Chinese diplomacy has made headway in Central America, most recently in March when Honduras switched diplomatic recognition from Taipei to Beijing.

The move prompted Taiwanese President Tsai Ing-wen to visit Guatemala and Belize, its only remaining allies in the region, two weeks ago.

Trending Now

Costa Rican Economists Raise Alarm Over U.S. Cash Transfer Tax

In 2026, the U.S. government will impose a 1% tax on cash remittances sent from the United States to Latin America. Electronic transfers will...

Short Term Rental Income in Costa Rica to Face New Tax Rules

Property owners in Costa Rica who rent accommodations through popular platforms like Airbnb or Booking.com will soon face a new tax obligation. The General...

Canadian Tourist Killed in Costa Rica During A Robbery Attempt

A 40-year-old Canadian man lost his life in a violent robbery at a rental home in the Los Jobos area of Tamarindo, Guanacaste, on...

El Salvador Sees Big Gains from Bitcoin Price Surge

El Salvador has gained $443 million from the rise in Bitcoin's value, a cryptocurrency the country began acquiring nearly four years ago under the...

Costa Rican Lottery Official Investigated in Money Laundering Case

Another money laundering case has shaken Costa Rica. Following a series of raids that dismantled a laundering network operating through legal and illegal lottery...

Starbucks Expands in Guanacaste with New Store Opening in Tamarindo

Starbucks continues to strengthen its presence in Costa Rica with the opening of its second store in the province of Guanacaste, specifically in Tamarindo....
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica