Up to $400 million foreign investment expected
Official estimations have been announced stating that Honduras can expect to receive approximately $350 to $400million in foreign investment this year. Vilma Sierra, President of the Foundation for the Investment and Development of Exports (FIDE), predicts that the foreign direct investment in Honduras could reach $350million during 2007. On the other hand, President of the Central bank of Honduras (BCH), Gabriela Núñez, considers that the investment will be a more conservative $320million, due to the opportunities and business that CAFTA will generate. Foreign direct investment was at $250million in 2006. This marked predicted increase is said to be due to vast economic improvements in Honduras, which includes a growing economy, low inflation and a reduction in interest rates. El Heraldo
Kuwait to reduce debt by $45million
It was announced by President Manuel Zelaya this week that Kuwait will reduce $45million of Honduras' bilateral debt. The Honduran government met with a delegation of the Kuwaiti government this week in the Presidential House to come to this agreement. Zelaya also indicated that Kuwait will also finance the improvement of the highway between Tegucigalpa and the city of Catacamas in the department of Olancho, although the amount required for this project was not stipulated. Honduran minister of Finance, Rebeca Santos, states that the finance recuperated by Honduras will go towards tackling poverty, social work and road infrastructure. Santos went on to say that Kuwait's decision to alleviate this debt is due to other multilateral sources of financing also pardoning Honduras of some of its debts. El Heraldo
Construction of hydroelectric power station in Taulabé
10.4million lempiras will be invested for the construction of a hydroelectric micropower station in the Yure river in Taulabé. The investment was agreed in a partnership between the Honduran government and the Program of Small Donations of the Nations United for Development (PPD/PNUD). The hydroelectric project will generate approximately 100 kilowatts of energy and will help to serve the communities of San Antonio de Yure and the Yure Union. Construction work will be undertaken by the company, Marena. El Heraldo
Hopes for third cell phone operator
The government will put into action plans to increase the number of cell phone operators in Honduras to three by the end of 2007. Cellular telephony in Honduras began operations at the end of 1996 when the well-known Tigo first came into business. Mexican Carlos Slim, proprietor of Movable America, followed Tigo in 2003 by introducing Megatel (Claro) to the Honduran market. Between them, the two companies currently handle more than two million active lines. Hondutel has now expressed hopes that more competition will enter the market with a third cell phone operator by the end of the year. El Heraldo
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