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January 2008

Issue: 2008 - 01

Business News and Economy

Maisto, Former Top White House Policy Adviser and Central America Ambassador, Joins Board of ECI Development, Ltd.

Will Help Guide Beachfront Resort and Retirement Developments on Both Coasts in Central America.

Managua, Nicaragua – 10 Dec. 2007 – Former United States Ambassador John F. Maisto, a past White House adviser for the Western Hemisphere, and who led U.S. diplomacy at the Organization of American States and the Summit of the Americas, has joined the board of directors of ECI Development, Ltd., a regional Central American resort and retirement community developer with properties in Belize, Nicaragua and Costa Rica.

Maisto served as ambassador to Nicaragua in the mid-1990s, and was in charge of $900 million in U.S. government aid programs, including obtaining $100 million in new economic development initiatives, benefiting hundreds of thousands of people. He gives ECI Development a seasoned diplomatic veteran with more than 20 years of Central American experience at a time when the company is targeting the North American baby boom generation that's soon to retire and seek a go-to destination. ECI Development recently completed acquisition of property in the heart of Ambergris Caye, Belize, and last year purchased 3km of oceanfront land in Costa Rica. As well, ECI's Gran Pacifica Resort, a 2,500 acre property in Nicaragua, is ready to launch a second wave of construction of Pacific beachfront residential, condominium and hotel units.

One of the reasons Maisto was attracted to ECI Development is its “social heart” and humanitarian focus on providing health and education benefits in neighboring communities surrounding its properties. In Nicaragua's Villa El Carmen, for example, the company is assisting 6,000 students and 60 teachers in 12 schools, working closely with local government officials. Gran Pacifica also is investing in the future development of Nicaraguans, he said, by creating significant jobs in the construction, ongoing operation and supply chain of the resort.

“The government of Nicaragua is on board at all levels,” he said.

Another reason why ECI Development's work appeals to Maisto is Central America's continuing growth in trade and investment opportunities on the global stage, having devoted his diplomatic career to the peace and prosperity of the region, with Costa Rica's and Panama's booms as major examples.

Maisto is ECI Development's second recent high-level personnel addition. In September 2007, it tapped Martin G. Roberts as its new president and COO. Roberts has 35-plus years of management experience in residential and commercial construction and is leading day to day operations, construction and marketing of ECI's major land assets in Costa Rica, Belize and Nicaragua. Roberts previously was President/CEO of The Westchester Group, Inc., a custom home building company in Tampa, Florida for 18 years.

ECI Development's Strategy - ECI co-founders Michael K. Cobb remain as chairman and CEO, and Joel M. Nagel as chief financial officer and general counsel. These moves allow Cobb to spend more time building the strategic relationships with joint venture partners who are already rolling out a golf course and three condo projects at Nicaragua's Gran Pacifica. Future partners are expected to include hotels, marina, spas, and other amenity and residential offerings.

ECI Development's strategy is rooted in the demographics of the baby boom generation that's soon to retire and start seeking a go-to destination. North Americans who missed the opportunity to own affordable coastal property in Florida and California are seeking ocean-front residence bargains and affordable resort and retirement lifestyles. ECI expects to use its development model in Costa Rica, Belize and other Central American countries to deliver exceptional value with an over-the-top quality of life experience.

About Nicaragua's Gran Pacifica (www.granpacifica.com) – Gran Pacifica is Central America's first new urbanist resort/retirement community. It is strategically located one-hour west of the international airport on over three miles of Pacific beachfront. Under Cobb's leadership, Gran Pacifica has to date invested $8 million in physical infrastructure to the site and has opened its first condominiums and residences.

The resort ultimately will include private homes, condominiums, an upscale hotel managed by a leading worldwide hospitality company, and a championship golf course. With advanced fiber-to-the-home technology, Gran Pacifica is one of the most technologically advanced residential tourist projects in Latin America. It will provide residents and guests with the same type of high speed internet, television and telephone access they enjoy in North America, Asia and Europe.

Gran Pacifica is set against the backdrop of Nicaragua's turnaround as a center for tourism and foreign trade. This once-beleaguered nation has enjoyed four consecutive peaceful transitions of presidential power since 1990, and has become easily accessible, safe, attractive and inexpensive, and investment opportunities are timely.

About Costa Rica's Gran Caribbean (www.grancaribbean.com) – Acquired in early 2006, the Playa Del Sol property features 1,112-acres of Caribbean Ocean beachfront property near Limon, Costa Rica. Until the purchase by ECI, Playa Del Sol was one of the largest privately owned Caribbean paradise beachfront properties available in the world, with 1.85 miles of undeveloped Caribbean Ocean frontage on 1,112 acres of land.

About Belize's Grand Bayman (www.grandbayman.com) – Combining two properties in San Pedro, Ambergris Caye, Belize, ECI will create the largest development parcel in town and will develop a small village of garden homes and condominiums as an integral part of the San Pedro Tennis and Fitness Club. Grand Bayman features two lighted tennis courts, workout facilities, the largest swimming pool in Belize, and restaurant, all less than 200 yards from the ECI's Caribbean front property. Residents can enjoy access to a variety of water sports including world class diving, snorkeling, fishing, and seaside dining and entertainment.

More About Maisto – Maisto, who retired in 2006, served in Nicaragua, Venezuela, Costa Rica, Panama, Argentina, Bolivia and the Philippines in his Foreign Service career, as well as in top policy positions in the White House, Department of State and at the U.S. Southern Command. Most recently he completed three years of service as U.S. Permanent Representative to the OAS. In 2003, he served at the request of President George W. Bush as U.S. Coordinator for the Summit of the Americas, and he coordinated the President's participation in Summits in Mexico in 2004 and Argentina in 2005.

At the OAS, Maisto ensured funding and OAS focus on strengthening democracy, human rights and election observation. He supervised the 2005 Fort Lauderdale OAS General Assembly, the first hosted by the U.S. in 31 years, attended by the President, Secretary of State, and 33 hemispheric ministers.

Maisto served as Special Assistant to President Bush and as Senior Director for Western Hemisphere Affairs at the National Security Council for Dr. Condoleezza Rice from 2001 to 2003. He organized the President's 2001 Quebec Summit participation and his visits to Mexico, Peru and El Salvador. He oversaw U.S.policy with Central and South America, the Caribbean and Canada, including economic development and security assistance, border issues, human rights, crime, terrorism and narcotics matters. He coordinated policy with the U.S. Treasury Department leadership on support for key hemispheric countries at the International Monetary Fund, World Bank, and Interamerican Development Bank.

He was Foreign Policy Adviser at the U.S. Southern Command, 2000-2001. As Ambassador to Venezuela, 1997-2000, he led energy diplomacy with the U.S.'s fourth largest oil-provider, established working relations with newly-elected Hugo Chavez, and directed a U.S. $11 million flood/mudslide disaster relief effort.

As Ambassador to strife-torn Nicaragua, 1993-1996, he directed $100 million in new U.S. aid to consolidate democracy, address education and health needs, and stimulate growth, and he oversaw the ongoing U.S. aid package of $900 million. As Deputy Assistant Secretary of State for Central America, 1992-1993, he worked with Congress to ensure post-conflict funding, supervised U.S. cooperation with two United Nations-mandated human rights commissions in El Salvador, resulting in hundreds of military dismissals, and directed the first-ever U.S. contact with Guatemalan rebels to advance stalled peace negotiations. At the OAS as Deputy U.S. Permanent Representative, 1990 to 1992, he spearheaded the OAS taking the lead, with U.S. funding, for resettlement in former conflict areas, human rights monitoring, and de-mining.

In Panama as Deputy Chief of Mission and Charge d'Affaires, 1986-1989, he led Embassy efforts to engage the democratic opposition throughout transition from narco-military dictatorship to elected government.

As head of the State Department's Philippine Affairs Office, 1984-1986, he directed the review, analysis, strategic planning, and development of U.S. policy toward the Marcos dictatorship and the transition to democracy, including public diplomacy and media outreach. He advised, assisted, and accompanied President Reagan's Special Envoy, Philip Habib, in two trouble-shooting missions that were instrumental in the transition.

His previous experience included U.S. embassies in the Philippines, Costa Rica and Bolivia, and country desk and staff positions at the State Department and the Pentagon. He worked with U.S. Information Agency bi-national centers in Argentina and Bolivia. He joined the Foreign Service in 1968.

Ambassador Maisto has spoken and written extensively on U.S. policy in the Americas, U.S.-Philippine relations, democratic transition, hemispheric security, democracy, human rights, competitiveness, trade, economic development, and education. He is fluent in Spanish and conversant in Portuguese and Italian.

Ambassador Maisto is a Director of the Miami-based U.S. Education Finance Group (USEFG) and a Board member of the Washington-based International Student Exchange Program (ISEP). He is a member of the Board of Advisers of the Inter-American Dialogue in Washington, D.C.

A native of Braddock, Pennsylvania, Ambassador Maisto has a Bachelor of Science in Foreign Service (BSFS) from Georgetown University, Washington, D.C. (1961). He has a Master's Degree in Latin American History from San Carlos University, Guatemala (1962), where he studied as a recipient of a U.S. Government Smith-Mundt Grant under the Fulbright Program. He is married to Maria Consuelo Gaston Maisto. They have a son and two daughters.

Among many others, here are links to news outlets that have used the press release on their websites:.

Nicaragua to buy back $1.3B in debt

MANAGUA, Nicaragua

Nicaragua has arranged to buy back more than $1.3 billion of its foreign debt from creditors, the finance ministry said Wednesday.

The operation was financed by a donation from the World Bank's Debt Reduction Facility, as well as contributions from various Northern European countries, Russia and Britain, the ministry said in a statement.

The agreement "will put an end to various legal actions filed against Nicaragua by its commercial creditors and will contribute to the normalization of its relationship with the international financial community," Finance and Public Credit Minister Alberto Guevara said.

The debt belongs to about 110 creditors, mostly from the United States.

Fitch Special Report: Positive Trends in Central America Insurance Sector

NEW YORK & SAN SALVADOR, El Salvador--(BUSINESS WIRE)--According to a Fitch Ratings special report released today, entitled 'Central America Insurance Sector,' the sector shows positive trends in premiums and operating expenses leading to rising profitability, healthy growth in premiums in Central America led by Costa Rica and Honduras, a stable loss ratio, and adequate liquidity and leverage ratios.

"Fitch believes that the Central American insurance sector will be undergoing significant changes over the next few years," said Director Eduardo Recinos of Fitch Central America. "The restructuring process carried out in Costa Rica, the significant increase expected in foreign investment, regulatory improvements and the development of new distribution channels and products all support Fitch's view," he adds.

The Central American insurance industry recorded a 44% increase in net profits during the first half of 2007, to US$100.1 million, resulting in an average return on equity (ROE) of 26.9% for that period. The significant growth in profitability was attributable to a substantial expansion in net premiums combined with a decline in operating expenses (mostly in Costa Rica) and a relatively stable loss ratio (59.7%).

Due to the region's strong economic growth, total premiums written amounted to US$770.1 million during the first half of 2007 (1H07), a 16.5% increase compared with the same period last year. The largest growth rates were recorded by Costa Rica (29.9%) and Honduras (22.8%), followed by Guatemala and Nicaragua at 12.5% and 10.3%, respectively. In El Salvador, on the other hand, total premiums grew by only 5%, reflecting the country's relatively slower economic growth, as well as the current price war observed in its property & casualty (P&C, including auto insurance) segment.

In terms of total premiums in the region, Costa Rica had the largest share, with US$226.4 million written during 1H07, followed by Guatemala (US$195.6 million), El Salvador (US$184.8 million), Honduras (US$115.2 million) and Nicaragua (US$48 million).

Liquidity and leverage ratios remain at adequate levels, with overall liquid assets-to-reserves of 1.3 times (x) and net equity-to-total assets of 3.4x during 1H07.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.