LatinNews Daily - 24 June 2022

In brief: Nicaragua announces more Russian cooperation

*Nicaragua’s finance minister Iván Acosta has announced that a further 300 buses will arrive from Russia following the renewal of economic agreements between Russia and Nicaragua. This follows a bilateral inter-governmental meeting which took place on 17 June between the two governments in Russia in which various cooperation programmes were discussed, including the supply of wheat, vaccines against the coronavirus (Covid-19) and fertilisers as well as the possibility of joint investment projects in areas such as infrastructure, agro-industry and renewable energy. This is the latest sign of strengthening bilateral ties after the Nicaraguan government led by President Daniel Ortega announced closer cooperation in February with Russia’s state atomic energy corporation Rosatom on energy, medical and nuclear projects. That same month Russia’s deputy prime minister, Yury Borisov, visited Managua, with the aim of improving trade and economic cooperation, his office said. Trade between the two nations grew in 2021, with Nicaraguan exports up 208% compared to 2020. However, they started from a low base of US$6.2m, increasing to US$13.0m. This represents an increase from 0.21% of Nicaragua’s total exports in 2020 to 0.36% of total exports in 2021, which were worth a total US$3.5bn.

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