LatinNews Daily - 16 August 2024

*El Salvador’s national port authority (Cepa) has confirmed that Turkish holding company Yilport will invest an estimated US$1.62bn to expand two ports in El Salvador - Acajutla port in Sonsonate department, and La Unión port, La Unión department, and operate them jointly as a mixed ownership company, with Cepa. The announcement was first made on social media on 12 August by President Nayib Bukele, who is describing it as the single largest private investment in El Salvador’s history. According to a Cepa post on social media, the investment will be made in two stages: in the first phase, US$709m would be invested over five years, while for the second phase (a time frame for which is not provided), US$906m would be invested. According to Cepa social media posts, in the first phase of construction, new infrastructure at Acajutla port will increase its capacity by 75% - from 500,000 TEU (20-foot equivalent unit) currently to 875,000. According to Cepa president, Federico Anliker, Yilport’s participation in the company will be 80% and Cepa will contribute 20%. While the company will contribute finance, Cepa will provide equipment.