On an area of 6,700 square hectares in the southern Caribbean region, a company from Guatemalan will produce palm oil with an estimated investment of US$44 million in its first phase of operation.
The Guatemalan company, Central Agro Industrial Nicaragüense, S.A. (CANSA), will be located in the Municipality of El Rama, Autonomous Region of the Southern Caribbean Coast (RACS), producing palm oil on an area of 7,663 square hectares.
The project will consist of three stages, each lasting two to three years, and the first phase is expected to end in 2019. The company plans to create about 2,500 new jobs in its operational phase, improving the living conditions of the inhabitants of the Caribbean region.
In Nicaragua there are about 30,000 hectares planted with African palm, of which approximately 10,000 have been established in the last four years. These projects generate between 4,500 and 5,500 direct jobs in the Southern Caribbean and San Juan River regions of Nicaragua. It is estimated that 70 percent of Nicaragua's palm oil production is exported to Mexico.