LatinNews Daily - 31 August 2022

In brief: Nicaragua unveils new China-funded housing project

*Nicaragua’s government led by President Daniel Ortega has announced the start of the first phase of construction of a housing project in Managua for the construction of 920 two-bedroom homes in Nicaragua’s capital, Managua, with funds from China. This is in line with an agreement signed in April by chairman of the China International Development Cooperation Agency (CIDCA), Luo Zhaohui, and Nicaragua’s finance minister, Iván Acosta regarding over US$60m in Chinese funds for the housing sector. This is the latest sign of burgeoning ties between the two countries which established relations in December 2021 after the Ortega government made the switch from Taiwan. It follows the announcement of a trade deal in June, among other things.

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