MANAGUA, Nicaragua – After years of uncertainty, speculation and exasperating lobby, Nicaragua's beleaguered private sector is exhaling in relief this week following the recent legislative approval of the long-awaited Coastal Law.

Following an intense debate last week in the National Assembly, the Coastal Law was approved unanimously June 4.

The law is meant to establish one clear set of rules and guarantees for land ownership and development of coastal properties, cutting through a century-old spider web of intertwined and contradictory legislation.

The measure is expected to stimulate Nicaragua's once-budding investment and development sectors, which have slowed considerably over the past few years. There is an estimated $1 billion in coastal development projects on standby awaiting the law for clear rules on how to proceed.

The law's expected ratification this week could come as a huge boost to Nicaragua's struggling economy by reactivating the construction sector and creating as many as 10,000 new jobs within the next year, according to industry leaders.

See the June 12 print or PDF edition of The Nica Times, a publication of The Tico Times, for more on this story.