Turkish company Yilport Holding plans to invest approximately US$1.62 billion to expand and jointly operate two ports in El Salvador alongside the country’s local port authority.

In a post on X on Sunday evening, Salvadoran President Nayib Bukele stated that this investment represents Phase 3 of his broader economic revitalisation plan.

Yilport, which manages ports in Guatemala, Ecuador, Peru, and Europe, intends to triple the capacity of Acajutla, El Salvador’s largest port. Acajutla has already handled over 3.1 million metric tons of cargo this year.

Additionally, the company will invest in revitalising La Unión, a port in the eastern part of the country that has remained closed since its completion in 2008. Dredging work is required before the port can reopen, allowing larger and heavier ships to dock, according to Bukele’s post.

Yilport and El Salvador’s Autonomous Port Executive Commission (CEPA) will jointly manage the two ports under a 50-year concession for each, as outlined by Bukele.

Earlier this year, Yilport announced a “pre-agreement” for 100-year concessions at both ports, despite Salvadoran law limiting joint concessions to a maximum of 40 years. The new agreement will establish a “mixed-economy corporation,” which is not bound by the legal time limit.

Turkish company Yilport Holding plans to invest approximately US$1.62 billion to expand and jointly operate two ports in El Salvador alongside the country’s local port authority.

In a post on X on Sunday evening, Salvadoran President Nayib Bukele stated that this investment represents Phase 3 of his broader economic revitalisation plan.

Yilport, which manages ports in Guatemala, Ecuador, Peru, and Europe, intends to triple the capacity of Acajutla, El Salvador’s largest port. Acajutla has already handled over 3.1 million metric tons of cargo this year.

Additionally, the company will invest in revitalising La Unión, a port in the eastern part of the country that has remained closed since its completion in 2008. Dredging work is required before the port can reopen, allowing larger and heavier ships to dock, according to Bukele’s post.

Yilport and El Salvador’s Autonomous Port Executive Commission (CEPA) will jointly manage the two ports under a 50-year concession for each, as outlined by Bukele.

Earlier this year, Yilport announced a “pre-agreement” for 100-year concessions at both ports, despite Salvadoran law limiting joint concessions to a maximum of 40 years. The new agreement will establish a “mixed-economy corporation,” which is not bound by the legal time limit.