President Nayib Bukele used his personal X account to present the third phase of his economic plan for El Salvador. Titled “Logistics,” this new phase will entail raising private investments to modernize the country’s port infrastructure. The first step involves an investment of $1.61 billion to modernize the Acajutla and La Union ports.
Bukele Announces Private Investment of $1.61 Billion in Third Phase of Economic Overhaul Plan for El Salvador
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Bukele Announces Billionaire Investments for the Port Infrastructure Economic Overhaul Plan El Salvador
El Salvador is opening its gates to bring international investors to revamp its financial standing. President Nayib Bukele took it to X to announce the third phase of the economic plan for its second term. Titled “Logistics,” this phase entails making large investments to renew and improve the port infrastructure of El Salvador.
Bukele revealed the largest private investment in the history of El Salvador, a joint venture with Yilport Holding, a Turkish port operating company, that will bring over $1.61 billion to overhaul two of the country’s most relevant ports: Acajutla and La Union.
The investment, which will be managed by the Autonomous Executive Port Commission (CEPA), the national institution in the joint venture, establishes these two companies will manage these ports for the next 50 years. The investment will be made in different phases, starting this year’s end.
“In the first stage, we will improve the infrastructure of the port of Acajutla and purchase new equipment to immediately reduce port response times,” Bukele’s posted video reported. While La Union, a port considered once an alternative to the Panama Canal, will be reactivated with dredging work and the purchase of new operative equipment.
This move is part of Bukele’s new proposal to dynamize the national economy, which has experienced worse macroeconomic numbers than during its first term, including scoring the highest inflation of dollarized economies.
To try to contain this, Bukele has eliminated import duties for over a hundred articles for a decade. He has also extended the Farmers’ Markets, a government-sponsored initiative to allow Salvadorans to purchase some groceries at lower prices.
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