The El Salvador government said Yılport will invest $1.62 billion to expand the two ports and operate them jointly with the port authority.
The investment is part of a larger economic stimulus plan, Salvadoran President Nayib Bukele said in a post on X.
Yılport, which also operates ports in Guatemala, Ecuador, Peru and Europe, will triple the capacity with its investments in Acajutla, the largest port in El Salvador.
The company will also invest in the activation of the La Union port, which has been closed since 2008, when its construction was completed in the east of the country.
According to Bukele’s post, dredging work also needs to be carried out so that larger and heavier ships can enter the port.
While it is stated that Yılport’s agreement provides a preliminary agreement for 100 years for both ports, El Salvador laws only allow joint privileges for up to 40 years.
With the new agreement, a structure known as a “mixed economy company” will be established in order to avoid legal restrictions.
