Salvadoran President Salvador Sanchez Ceren, Honduran President Juan Orlando Hernandez and Nicaraguan President Daniel Ortega are meeting in Managua to discuss a trilateral agreement concerning the future of the Gulf of Fonseca.
Plans being discussed for the Gulf, which forms part of the Pacific Ocean, include trade, tourism and science projects. Proposed projects for the shared area also include a ferry that would shuttle tourists and commerce from all three neighboring countries.
The presidents have since petitioned the Central American Bank of Economic Integration as well as other multilateral financing organizations to take advantage of the investment opportunity surrounding the Gulf's development.
The body of water is tucked between the three countries and contains some of the region’s busiest port cities, such as La Union and San Lorenzo.
Due to its prime location, the waters of the Gulf were subject to territorial disputes between El Salvador, Honduras and Nicaragua. For over a hundred years, all three countries laid claim to the Gulf.
By 1992, a chamber of the International Court of Justice declared that the Gulf and its islands would be shared between the three nations.