The National Assembly (Parliament) of Nicaragua approved this Thursday a proposal to transfer to the Executive Power the Agency for the Promotion of Investments and Exports (ProNicaragua), founded in 2002 with a mixed profile between the private and state sectors.
The Nicaraguan Parliament, with a Sandinista majority, approved with 84 votes in favor, zero against and no abstentions, the creation of the Secretariat for the Promotion of Investments and Exports as the “legal successor without continuity solution” of ProNicaragua, directed by the son of the President Daniel Ortega and Vice President Rosario Murillo, Laureano Ortega Murillo.
“Financial resources, movable and immovable property and any other resource acquired or on behalf of ProNicaragua, must be transferred to the Presidency of the Republic,” ordered the National Assembly.
The Nicaraguan Presidency is based in the mansion of President Ortega, in western Managua.
The transfer of ProNicaragua was an “urgent” request from the Executive Power.
“Due to the relevance and impact of capturing national and foreign investment in the national economy, it is necessary for the President of the Republic to have under his control and direct coordination the body in charge of fostering and promoting investments and exports. ”, justified the creative law.
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According to the most recent report of the Central Bank of Nicaragua (BCN), in the first half of 2022 the country received 1,042.7 million dollars in Foreign Direct Investment (FDI), 23.4% more than in the same period of 2021 , with the United States as the main economic partner.
In 2021, Nicaragua reached 1,470.1 million dollars in FDI, 52.7% more than in 2020, according to official data.
Regarding exports, Nicaragua reported a cumulative of 5,507 million dollars in the first eight months of 2022, which meant a year-on-year increase of 19.3% compared to the same period in 2021, the year in which total sales abroad reached 6,888.6 million dollars, for a growth of 29.5%, according to the BCN.
Nicaragua foresees a growth of its gross domestic product (GDP) of between 4% and 5% in 2022.
