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El Salvador’s International Tourism Brings Over $3 Billion in Revenue.
El Salvador is set to close 2024 with record-breaking international tourism figures, positioning itself as one of the fastest-growing destinations globally. According to Minister of Tourism Morena Valdez, the country welcomed 3.5 million foreign visitors by November, marking an 18% increase over the same period in 2023. Of these visitors, 80% were tourists, while 20% were excursionists.
This influx of international travelers has generated a significant economic impact, with foreign currency earnings reaching $3.09 billion. Daily spending per visitor ranged between $145 and $200, contributing to the country’s economic growth.
«We’ve already recovered and are growing faster in terms of visitor income. Our main challenge now is to encourage longer stays, aiming for two to three weeks instead of just one,» Minister Valdez commented.
The United States remains the top source of international visitors, accounting for 40% of arrivals, followed by Guatemala with 25%, and Honduras with 16%. The rest of the world contributes 19%. The country is also seeing growing numbers of visitors from South America, Asia, and Europe, and is working with UN Tourism to further expand these markets.
Valdez projected that by the end of the year, El Salvador will have hosted 3.8 million visitors, generating approximately $3.8 billion in foreign currency. The country is preparing for a strong finish to the year, with 125,000 foreign visitors expected between December 23 and January 2, generating an estimated $125 million in revenue.
Looking ahead, El Salvador aims to continue diversifying its tourist base and sustaining the growth of its key destinations.
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El Salvador Celebrates Progress and Collaboration at Agenda CAF Board Meeting.
During the closing of the 183rd Agenda CAF Board Meeting, President Nayib Bukele discussed El Salvador’s significant progress in recent years, emphasizing the country’s growing relationship with the multilateral financial entity. In his address, President Bukele expressed gratitude to Agenda CAF for their unwavering trust and support, noting that this partnership has gone beyond financial assistance to foster a strong, respectful, and professional relationship with a shared vision for development.
The president highlighted several key projects supported by Agenda CAF that have contributed to the nation’s advancement:
- Revitalization of public spaces
- Development and modernization of the health sector, including the implementation of cutting-edge technology
- Debt swap operation aimed at the conservation of the Lempa River
These achievements, made possible with the backing of Agenda CAF, reflect the Government of President Bukele’s ongoing efforts to strengthen El Salvador’s infrastructure, public services, and environmental conservation. The collaboration between El Salvador and Agenda CAF continues to play a vital role in the country’s ongoing transformation and growth.
https://twitter.com/CancillerAleHT/status/1865040028277035170
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El Salvador Unveils New Tourism Investment Guide to Boost International Interest.
El Salvador is making it easier than ever to invest in its burgeoning tourism sector. The country has introduced the El Salvador Tourism Doing Business Investment Guide, a comprehensive tool designed to highlight key investment opportunities in the tourism industry. The guide, a collaborative effort between the United Nations World Tourism Organization (UNWTO) and Agenda CAF, aims to assist the private sector in making informed decisions.
According to Natalia Bayona, Executive Director of UNWTO, the guide also emphasizes the five countries leading investments in El Salvador: Panama, the USA, Spain, Colombia, and Honduras. Bayona noted that under the leadership of President Nayib Bukele, the government has significantly enhanced legal security, improved the investment climate, and upgraded public infrastructure. These efforts have contributed to a substantial rise in tourism investments across the country.
President Bukele reflected on the nation’s transformation, stating, «Five years ago, we began a path of transformation. Today, we are a stable, safe, and competitive destination for international investment.» In 2023, El Salvador saw a remarkable 40.4% increase in international tourist arrivals compared to pre-pandemic levels, leading the global recovery of tourism. Additionally, the country’s foreign direct investment (FDI) surged by 344%, attracting USD 730 million.
With this new guide, El Salvador is presenting a wealth of opportunities for global investors, reinforcing its position as an emerging leader in the tourism sector. Discover more about the opportunities the country has to offer through the new Tourism Investment Guide.
For more information, visit: Investment Guide.
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El Salvador: A World-Class Tourist Destination in Just Three Years.
In a remarkable transformation, El Salvador has risen from being dubbed the «world capital of homicides» to earning recognition as a «world-class tourist destination» in just three years. This accomplishment, celebrated by President Nayib Bukele, has been underscored by a recent statement from the United Nations World Tourism Organization (UNWTO), which praised the president’s leadership in strengthening the country’s tourism and investment sectors.
With over $7.5 billion in tourism projects and significant improvements in security and infrastructure, El Salvador is now poised to attract global travelers. President Bukele highlighted the nation’s incredible progress, sharing his pride via X, stating, «From the ‘world capital of homicides’ to ‘world-class tourist destination’ in just 3 years. Thank God.»
El Salvador’s rapid growth as a tourism hub reflects the government’s commitment to building a safer, more vibrant environment, positioning the country for continued success in the global tourism market.
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El Salvador’s Banking Sector Experiences Strong Growth Led by Construction and Commerce.
According to the Salvadoran Banking Association (Abansa), the construction and commerce sectors have been the primary drivers of credit demand in El Salvador during the first nine months of 2024. The total banking loan portfolio reached $17.2 billion by September, reflecting a 6.2% increase compared to the same period in 2023.
The construction sector saw a notable surge, with its credit portfolio growing by 22.5% to $1.01 billion, up from $826 million in 2023. Meanwhile, the trade sector also experienced strong growth, with a 14.4% rise in its loan portfolio, reaching $2.84 billion, an increase of $357 million.
Together, these sectors account for a significant portion of the total banking portfolio—construction makes up 5.7%, while commerce represents 16.1%.
Consumer loans remain the largest category in the banking portfolio, totaling $5.82 billion and growing by 7.8%. The housing sector followed with a 4.8% increase, reaching $2.84 billion, while the industrial sector saw a 5.7% growth, totaling $1.64 billion. Other sectors, including services, electricity, and gas, also reported increases.
In terms of savings, deposits saw a robust increase of 6.1%, reaching $18.12 billion by September 2024. The most significant growth was in structured deposits, which rose by 17.3% to $783.7 million.
This growth in both credit and savings underscores a resilient economy, with construction and commerce sectors playing pivotal roles in supporting El Salvador’s financial landscape in 2024.
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A New Era for El Salvador: CAF Integration Center Laid in Historic Ceremony.
Today, El Salvador marked a significant milestone with the laying of the first stone for the new CAF El Salvador Building and Integration Center. In a historic event, President Nayib Bukele was joined by Sergio Díaz Granados, President of the Development Bank of Latin America and the Caribbean (CAF), to inaugurate this new project.
The CAF Integration Center will serve as a cultural, educational, and recreational meeting point. Designed with sustainability in mind, the building will feature LEED certification and be located in the Maquilishuat Urbanization. It will offer modern offices, open spaces for the public, and facilities for cultural events, all of which reflect CAF’s commitment to supporting El Salvador’s growth.
Speaking about the project, President Díaz Granados emphasized the significance of the new center, stating, “We are going to operate as an amplifier of El Salvador’s voice in the world, so that investors at a global level can hear it, so that they see in the tourism of this country what visitors are already feeling: the confidence, the affection, and the security of coming here.»
The CAF Integration Center underscores the growing partnership between CAF and El Salvador, with the bank providing invaluable support for key national projects. Notable initiatives include the construction of the Pacific International Airport and the first submarine cable to enhance the country’s digital infrastructure.
Security has been a key factor driving El Salvador’s progress, boosting tourism, the economy, and attracting new investments. President Bukele shared his enthusiasm on social media, stating, «El Salvador advances every day more 🇸🇻 Thank God.»
This milestone marks another step forward in the ongoing development of El Salvador, positioning the country as a growing hub for international investment and cooperation.
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Historic Meeting Highlights 11 Key Projects Completed with CAF Support.
In a historic meeting held today in El Salvador, President Nayib Bukele met with Sergio Díaz Granados, President of the Development Bank of Latin America and the Caribbean (CAF), and members of the Board of Directors. The gathering marked a significant milestone in the continued partnership between El Salvador and CAF, focusing on development and cooperation initiatives aimed at driving the country’s growth.
During the meeting, President Bukele highlighted the achievements made possible through CAF’s support. «Thanks to the support of the CAF, in less than a year and a half, we have completed 11 projects,» he stated. These projects span key areas such as healthcare, infrastructure, and technology, including:
- Telemedicine at El Salvador Hospital: This initiative will significantly improve healthcare access through the use of technology.
- Modernization of Aeronautical Infrastructure:
- Construction of Oriente Airport
- Upgrades and equipment improvements at Ilopango Airport
- Construction of the Tonalá Regional Aerodrome in Sonsonate
- Submarine Cable Construction: This project will connect El Salvador with Panama, enhancing digital sovereignty and boosting internet capacity and speed while attracting investments.
Sergio Díaz Granados praised El Salvador’s progress under President Bukele’s leadership, emphasizing the country’s growing role as an innovation hub in the region. «As CAF, we are very excited to be part of that history. I want to praise the achievements of your administration. Without security, there is no development, and you are a reliable partner,» said Díaz Granados.
This partnership reflects El Salvador’s commitment to advancing its infrastructure and technology, ensuring a bright future for its people.
https://twitter.com/PresidenciaSV/status/1864784452414591387
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President Bukele Hosts Historic Meeting with CAF Leadership to Discuss Development Initiatives.
President Nayib Bukele met today with Sergio Díaz-Granados, President of the Development Bank of Latin America and the Caribbean (CAF), along with members of the CAF Board of Directors, in a historic meeting held in El Salvador. The meeting focused on discussing various development and cooperation initiatives aimed at benefiting the country.
“It is an honor for us to welcome you to El Salvador. We have seen that you have been here for a few days. It is important that you are here because for us, CAF has become extremely important, and we appreciate the trust you have placed in us,” said President Bukele during the meeting.
The president also expressed gratitude for CAF’s support during critical moments in El Salvador’s development, emphasizing that the collaboration between the two has already resulted in significant achievements. In just under a year and a half, 11 major projects have been completed, including Telemedicine services at El Salvador Hospital, the modernization of the country’s aeronautical infrastructure, and the construction of a submarine cable, among others. President Bukele reiterated the importance of continued partnership for the country’s future growth.
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El Salvador’s Social Transformation: President Bukele Honors First Lady´s Contributions.
President Nayib Bukele recently praised First Lady Gabriela de Bukele for her instrumental role in transforming El Salvador through social programs, particularly in the areas of security and social welfare. During a meeting with the president of the Development Bank of Latin America and the Caribbean (CAF), Sergio Díaz-Granados, President Bukele underscored the significant progress the country has made under the First Lady’s leadership.
“The First Lady always says that we clear the way and today we have to reap our harvest. We have to focus on our children. Previously, gangs stalked our young people, but little by little we have managed to change this and fight these criminals. Today, El Salvador has become the safest country in the Western Hemisphere,” stated President Bukele. He emphasized the joint efforts between the government and Gabriela de Bukele to combat gang violence and enhance the living conditions of Salvadorans.
Díaz-Granados also commended the First Lady’s efforts, acknowledging the profound impact of her social initiatives. “This has been a day dreamed of by many. I want to thank the people of El Salvador for opening the doors of their home to us. I want to thank First Lady Gabriela de Bukele for all the flourishing of the country, for those social programs that have changed this country so much,” he said, highlighting the positive transformation brought about by the social policies spearheaded by Gabriela de Bukele.
Her efforts have been key in improving the safety and well-being of the most vulnerable communities, making a lasting difference in the lives of thousands of Salvadorans.
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Maculís Reef Sanctuary: A Symbol of Conservation and Biodiversity Protection.
The Maculís Reef Sanctuary has officially become a protected home for marine biodiversity, standing as a symbol of conservation. This vibrant ecosystem is vital not only for its extraordinary marine life, including soft corals, oysters, lobsters, nurse sharks, and endangered species like hawksbill turtles, but also for the local communities that rely on its resources.
Minister @lopezfernando emphasized that the declaration of the sanctuary is more than just an administrative act; it represents a strong commitment to ecosystem protection and sustainable development. «Taking care of this sanctuary is everyone’s responsibility,» the minister stated, calling on the government, local actors, private companies, and tourists to join efforts in ensuring its protection.
The Maculís reefs are critical for maintaining ecosystem services that support fishing, tourism, and the local economy. They also act as a «lung» for nearby communities, playing a crucial role in sustaining both the environment and the livelihoods of coastal families. By investing in the sanctuary’s preservation, El Salvador is securing sustainable economic opportunities for future generations, ensuring that nature and community resilience go hand in hand.
As Minister @lopezfernando concluded, «Protecting this space is a strategic decision for both biodiversity and the families that depend on it.» By ensuring the sanctuary’s conservation, we guarantee a lasting legacy of sustainable opportunities that benefit both people and the planet. Join the movement and help protect #MaculísSantuario.
