Yilport investing $1.6 billion in two El Salvador ports
Turkish port operator Yilport Holding plans to spend $1.62 billion on expansion of two ports in El Salvador, the country’s largest ever private investment.
Yilport will operate the ports of La Union and Acajutla in partnership with El Salvador's Autonomous Port Executive Commission (Comison Ejecutiva Portuaria Autonoma; CEPA).
These steps are in line with a broader plan of economic recovery announced earlier this week by Salvadoran President Nayib Bukele.
The works will entail tripling the existing capacity at the Port of Acajutla and dredging and major upgrades at the Port of La Union. The latter port, which lies on El Salvador's eastern coast, was completed in 2008 but has since remained closed.
Local media in El Salvador reported that the $1.62 billion deal would be the largest single private investment in the country's history.
Yilport's and CEPA's joint operation of the two ports will be in fulfilment of a 50-year concession agreement.
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