union de credito industrial de la laguna

Managua is the capital city of Nicaragua as well as the department and municipality by the same name. It is also the largest city in Nicaragua. It is located on the southwestern shore of Lake Managua. The city was declared the national capital in 1852. Previously, the capital had alternated between the cities of León and Granada. The city has a population of about 1,680,100; composed predominantly of mestizos, whites and Spanish-speaking criollos (unmixed Europeans).

Founded in 1819 and given the name of Leal Villa de Santiago de Managua, its original purpose was to serve as a rural fishing village. Efforts to make Managua the capital of Nicaragua began in 1824, after the Central American nations became independent from Spain. Managua's location between the rival cities of León and Granada made it an ideal compromise site.

The city has been witness to the rise and fall of political powers throughout Nicaragua's history and suffered two devastating earthquakes over the course of the 20th century. Managua is the economic, political, cultural, commercial and industrial center of Nicaragua.

In 2007, after a successful literacy campaign, Managua was declared the first capital city in Central America to be rid of illiteracy.

Etymology

The name Managua originates from Mana-ahuac, which in the indigenous Nahuatl language translates to "adjacent to the water" or site "surrounded by water". The city stands today on an area historically inhabited by Indigenous people centuries before the Spanish conquest of Central America in the 16th century.

History

Nicaragua was inhabited by Paleo-Indians as far back as 6,000 years ago. This is confirmed by the ancient footprints of Acahualinca found along the shores of Lake Managua, along with other archaeological evidence, mainly in the form of ceramics and statues made of volcanic stone like the ones found on the island of Zapatera and petroglyphs found in Ometepe island.

It was not until 1857, after Granada was destroyed by a U.S. mercenary army led by William Walker, that the capital was firmly established in Managua. Between 1852 and 1930 Managua underwent extensive urbanization; becoming a base of governance, infrastructure and services. The city was hampered by major floods in 1876 and 1885 and a disastrous earthquake in 1931, which destroyed much of the city. Under the rule of dictator Anastasio Somoza García and his family (1936–1979), it began to grow rapidly. New government buildings were erected, industry developed, and universities were established; Managua had become Central America's most developed city. Yet, the city suffered a second major earthquake on December 23, 1972, which destroyed 90% of the city and killed over 10,000 people. The city was cleared, however it never returned to its previous state. The earthquake caused many of Managua's residents to find refuge in the outskirts of the city. The old downtown has not been rebuilt to this day for fear of future earthquakes.

Geography

Managua is located on the southern shores of Lake Managua (also known as Lake Xolotlán). Lake Xolotlán contains the same fish species as Lake Cocibolca, except for the freshwater sharks found exclusively in the latter. Once a Managuan scenic highlight, the lake has been polluted from the dumping of chemical and waste water since 1927. A waste water treatment plant funded by the German government to decontaminate the lake is expected to be the largest in Central America and will be completed in 2008.

Managua extends about 544 km along Lake Managua at an altitude of 55 metres (165 ft) above sea level, gaining altitude towards the sierras de Managua where it is over 970 metres (2910 ft) above sea level.

Lagoons within city limits

Managua features four smaller lagoons within the city limits. The most centrally located is the Tiscapa Lagoon located in the Tiscapa Lagoon Natural Reserve. The Laguna de Tiscapa (Tiscapa Lagoon), south of the old downtown. Tiscapa Lagoon is of volcanic origin and was formed approximately 10,000 years ago. Asososca lagoon, to the west, is Managua's most important source of drinking water. Asososca is located at the beginning of Carretera al Sur (Southern Highway), close to the connection with the Carretera Nueva a León (New Highway Via León). Nejapa lagoon, south of the Asososca lagoon, is also along the Southern Highway. The fourth lagoon is Acahualinca lagoon, which is located to the Northwest. This lagoon, which gives its name to a nearby district to the east, is located on the shores of Lake Managua. This lagoon is mostly noted for having shallow waters.

Climate

Managua, like much of Western Nicaragua except for the Sierras, has a tropical climate with constant temperatures averaging between 28 and 32 degrees Celsius (82 and 90 degrees Fahrenheit). The months of December and January are chilly, whereas March and April are humid and somewhat arid.

Flora

Managua, due to its tropical climate, varied topography, naturally fertile soils, and abundant rain and water sources, boasts a great variety of flora. Therefore, many different types of trees (some of them not found in the rest of the world, such as chilamates, ceibos, pochotes, genizaros, tiguilotes, royal palms, pinuelas and the madroño, which is Nicaragua's national tree) surround the city. During the rainy season (May to November), Managua becomes a lavish city due to many palms, bushes, and other plants and trees which dominate much of the city’s image.

Education

Managua is the national education center, with most of universities and higher education institutions based there. Nicaragua's higher education consists of 48 universities and 113 colleges and technical institutes which serve student in the areas of electronics, computer systems and sciences, agroforestry, construction and trade-related services. The educational system includes 1 U.S. accredited English-language university, 3 Bilingual university programs, 5 Bilingual secondary schools and dozens of English Language Institutes. In 2005, almost 400,000 (7%) of Nicaraguans held a university degree. 18% of Nicaragua's total budget is invested in primary, secondary and higher education. University level institutions account for 6% of 18%.

Colleges and universities

Universidad Nacional Autónoma de Nicaragua (UNAN) (National Autonomous University of Nicaragua) is the principal state-funded public university of Nicaragua. UNAN was established in 1812 and its main campus is located in Managua. The original campus, UNAN-Leon, is located in León and is now secondary, mainly used for medicine majors.

Universidad Politecnica de Nicaragua (UPOLI) (Polytechnic University of Nicaragua) is a university located in Managua, Nicaragua. It was founded in 1967. The university is divided into 6 schools: School of Administration, Commerce and Finance, School of Law, School of Design, School of Nursing, School of Engineering, Music Conservatory.

Instituto Centroamericano de Administracion de Empresas (INCAE) (Central American Institute of Business Administration) is a private business school. INCAE was founded in 1964 with the support of the United States government and other Central American countries . The institution has a close affiliation with Harvard University, as it had played a part in its foundation. The Francisco de Sola campus in Managua, Nicaragua was the first to be established (1964), the Walter Kissling Gam campus in Alajuela, Costa Rica was the second established in 1984.

According to a study done by America Economia INCAE ranked as the number one business school in Latin America for 2 consecutive years (2004, 2005) and ranked in the top ten international business schools by The Wall Street Journal in 2006.

Economy

Managua is the economic center and a generator of services for the majority of the nation. Unlike many other Latin American countries, it does not suffer from massive migration of country peasants looking for work in the city, since many other cities of Nicaragua have well established economic industries. Nonetheless, as it is the only city with a population exceeding one million inhabitants, it houses many large national and international businesses. It is home to many factories which produce diverse products. Multinational companies such as Wal-Mart, Telefonica, Union Fenosa, and Parmalat have offices and operations in Managua.

Managua is also home to all of the major banks of the nation, Banco de la Produccion (BANPRO), Banco de America Central (BAC), Banco Uno, Banco de Finanzas (BDF), Banco de Crédito Centroamericano (BANCENTRO) and its parent company the LAFISE Group. Several new hotels including Crowne Plaza, Bes