Nicaragua's port authority EPN has met to negotiate terms with a consortium formed by two South Korean firms interested in investing in the construction of the Monkey Point deepwater port on the Atlantic.
The project will require an investment of some US$500mn, the presidential website reported.
The consortium, comprised of the firms Dongmyeong Engineering Consultants & Architecture and Ox Investment Finance, proposed 10-year financing with a 6.5% interest rate. EPN is looking to lower the interest rate and extend the term to 20 years, according to its president, Virgilio Silva.
The group expects to have a response to the counterproposal by end-November, according to its representative Wang Sun Ryu.
EPN signed an MOU with the consortium to carry out construction of the port in July, under which the group agreed to obtain financing for the project.
The Monkey Point port project has been under discussion since 2008. The Nicaraguan government initially said it would launch a tender to concession the project - however, this would require the approval of a bill to regulate private participation in port projects.
A bill to create a general ports law has been under discussion in congress since 2006, and was forwarded to the infrastructure and public services committee for consultation in July this year.