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El Salvador Strengthens Ties with Africa, Plans Embassy in Egypt.
El Salvador is set to open its second embassy on the African continent by 2025, with plans to establish a diplomatic mission in Egypt. This move is in line with President Nayib Bukele’s objective to broaden the country’s diplomatic relations and foster cooperation for development projects.
The announcement was made by Vice Minister of Foreign Affairs, Adriana Mira, who explained that Egypt has already granted approval for the embassy, and the country is now proceeding with the necessary administrative steps. «By 2025, we will be opening our embassy in Egypt, and we are now focused on the administrative process,» Mira said.
Currently, El Salvador only has one embassy in Africa, located in Morocco, which was also established under President Bukele’s administration. In addition, three Salvadoran embassies have been opened in the Middle East this year— in Saudi Arabia, the United Arab Emirates, and Kuwait.
Mira highlighted the importance of the Middle East as an economically significant region for El Salvador, citing a partnership with the region that has resulted in significant investments, such as financing for a water treatment plant on the Acehualte River. This project, crucial for El Salvador’s infrastructure, is being developed in collaboration with the Executive Hydroelectric Commission (CEL).
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CAF Establishes Permanent Base in El Salvador to Strengthen Partnership.
The Development Bank of Latin America and the Caribbean (CAF) has announced plans to open a permanent headquarters in El Salvador. Óscar Avalle, CAF’s representative in the country, shared the news during an interview on Channel 10’s Night Interview. This move comes two years after CAF first arrived in El Salvador, and marks a significant step in strengthening the relationship between the institution and the country.
“We arrived two years ago to El Salvador and had no office. Now we are in a small office, but we’ve decided to establish a permanent headquarters in the country,” said Avalle, revealing that a piece of land in San Benito has been acquired for the new office. The headquarters is set to be inaugurated this Thursday.
CAF’s focus in El Salvador aligns with its broader mission of promoting Green Sustainable Development and supporting countries in their reconstruction efforts. Avalle highlighted the institution’s commitment to sustainable economic growth, emphasizing the importance of creating conditions for development. «We need sustainable economic development, and we create the necessary conditions,» he explained.
In addition to CAF’s new headquarters, Avalle discussed other key projects, including the Pacific Airport in Conchagua, La Unión. He stressed the importance of resilient infrastructure for the country’s future and mentioned the ongoing analysis and investment to assess the viability of the new airport. “El Salvador has a jewel with Ilopango airport,” he noted.
Avalle also underscored the significance of improved air connectivity and the need for technological advancements. “To be part of this fourth industrial revolution, connectivity is essential,” he stated, revealing plans to develop a new internet cable linking Miami, Panama, and El Salvador. This initiative aims to provide lower-cost internet and 5G connectivity nationwide.
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Gerardo Barrios Ring Road Creates 10,000 Jobs and Boosts Regional Economy.
The completion of the Gerardo Barrios Ring Road has directly created 10,000 jobs, according to Minister of Public Works Romeo Herrera. This milestone highlights the significant impact of the infrastructure project, which has also generated numerous indirect jobs throughout the construction process.
Minister Herrera emphasized that beyond the employment opportunities, the new road brings substantial benefits to Salvadoran families, particularly in the east of the country. The development reduces travel time by 40 minutes, enhancing mobility and connectivity.
The project also promises improvements in logistics, especially for goods traveling between El Salvador and Honduras. With a 40-minute reduction in travel time, it will result in lower fuel consumption, reduced overtime, and less vehicle depreciation for transport companies. This efficiency will lower transportation costs and potentially make Salvadoran goods more competitive on the international market.
«This project is a reality for all Salvadorans,» said Herrera, highlighting that it is just one of many transformative initiatives underway, including the ongoing improvements to the Pan-American Highway, the Los Chorros section, and an airport in eastern El Salvador.
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El Salvador’s Foreign Ministry Targets Major Investment Growth in 2025.
The Ministry of Foreign Affairs of El Salvador has set an ambitious goal to attract over $110 million in investments in 2025, according to Vice-Chancellor Adriana Mira. Speaking before the Finance and Special Budget Committee of the Legislative Assembly, Mira outlined the ministry’s plans for the upcoming year, emphasizing the crucial role of economic diplomacy in achieving this target.
The ministry’s budget for 2025 amounts to $45.5 million, as detailed in the national budget bill currently under review. A significant portion of this funding will be allocated to various initiatives, including $17.6 million for supporting the Salvadoran diaspora and human mobility, and $21.4 million for international policy and integration efforts. Additionally, $482,795 will be directed towards the Transformation of the Business Climate Program, while $129,365 will go toward the Dr. José Gustavo Guerrero Diplomatic Training Institute.
Mira highlighted the importance of the Foreign Ministry’s ongoing work with Salvadoran embassies and consulates, as well as the 23 economic advisory boards that promote Salvadoran products abroad and attract investment. She emphasized that through these coordinated efforts, the ministry expects to generate over $110 million in investments and exceed $5.5 million in exports of Salvadoran products.
In 2023, the ministry successfully secured $111.5 million in direct investments, as well as $83 million in large-scale public investment, particularly in infrastructure through multilateral organizations. The Foreign Ministry also facilitated $3.3 million in exports and coordinated 63 missions to attract potential investors and entrepreneurs.
In addition to its investment initiatives, the Foreign Ministry, in collaboration with the Salvadoran Agency for International Cooperation (ESCO), plans to offer 8,000 scholarships for Salvadorans to pursue further education abroad next year. Mira encouraged the public to apply for these academic opportunities, which aim to expand the professional skills of Salvadorans in partnership with various countries.
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President Bukele Criticizes Past Mining Practices, Advocates for Sustainable Resource Use.
El Salvador’s President, Nayib Bukele, has once again criticized the irresponsible mining practices of the past and called for the responsible exploitation of the country’s natural resources. During a recent statement, he emphasized the importance of following the examples of industrialized nations in transforming the economy while safeguarding the environment.
“We need to make responsible exploitation of our natural resources, just as all countries in the world do,” Bukele said, condemning the harmful mining activities of previous administrations. He highlighted the use of mercury in mining operations, which was dumped into rivers, causing devastating environmental damage. “The mining extraction carried out decades ago was harmful because the governments were corrupt. Our government has proven to be different,” he added.
Bukele also underscored the progress made by El Salvador, noting that modern technology now allows mining activities to be conducted with minimal environmental impact. «Today, in the year 2024, things can be done well. We have to decide where and how we want to live — do we want to live in poverty, or do we want to live like first-world countries?» he said.
The president also addressed the paradox of El Salvador’s mining ban, which has prevented the country from tapping into valuable resources like gold, lithium, cobalt, and nickel. “We are the only ones who ban mining and we do not have clean rivers. We need resources to invest in our nature and in our development,” he stated.
Drawing a comparison with countries like Italy, Bukele pointed to responsible mining practices as a model. “Italy is one of the most industrialized countries and has clean rivers and nature to envy. We must replicate that,” he concluded, emphasizing that responsible mining is not synonymous with pollution but with investing in environmental protection.
https://twitter.com/PresidenciaSV/status/1863384532767928500
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Salvadorans Can Now Easily Invest in Tokenized Products via Bitfinex.
Bitfinex Securities, a regulated platform for tokenized securities, has launched an express registration process to make it easier for Salvadorans to access investment opportunities. This initiative aims to streamline the incorporation process for local residents, allowing them to efficiently participate in capital raising and trading through one of the first companies licensed under El Salvador’s Digital Asset Issuance Law.
To open a Bitfinex Securities account, Salvadorans will now only need an official photo ID, tax identification number, biometric photograph, residential address, and a phone number. This simplified process enhances accessibility to financial products that were previously difficult to access due to high minimum investment requirements, which can reach $100,000 in traditional exchanges.
“It has always been important for us to bring investment opportunities to Salvadoran citizens, and we want to make sure that it is as easy as possible to participate in these offers,” said Jesse Knutson, head of Operations at Bitfinex Securities, in an interview with Diario El Salvador. The platform aims to democratize access to financial products by offering tokenized securities with much lower entry points—sometimes starting as low as $100 or $1,000.
In the coming months, Salvadorans can expect tokenized products like real estate shares, bonds, and funds to be introduced in the local market. These innovations are part of Bitfinex’s broader goal to expand affordable investment opportunities in El Salvador, where the National Commission of Digital Assets regulates the market.
Tokenization, the process of transforming physical assets into digital units, allows investors to store, transfer, and manage their investments securely and transparently on the blockchain. These tokenized assets are similar to traditional investments but are traded in a new, global, digital market, providing Salvadorans with a unique opportunity to diversify their portfolios.
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President Bukele Announces Historic $85 Million Saudi Investment to Clean Acelhuate River.
President Nayib Bukele has revealed that El Salvador will receive an $85 million investment from Saudi Arabia to fund a major environmental project aimed at cleaning and restoring the Acelhuate River. This significant investment is set to improve the region’s environmental quality and revitalize the aquatic ecosystem, which has been severely impacted by pollution.
The project is part of the government’s ongoing efforts to tackle water pollution and enhance the living conditions of communities located along the river. Many of these communities have suffered from health issues and deteriorating quality of life due to the environmental degradation.
With this international funding, the Salvadoran government is reaffirming its commitment to environmental protection and the well-being of its citizens. The project will not only help restore the Acelhuate River but also improve the overall health and prosperity of the affected regions.
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Oriente Airport Construction to Begin, Marking Major Development in El Salvador’s Eastern Region.
President Nayib Bukele announced the commencement of construction for the highly anticipated Oriente Airport, a transformative megaproject aimed at boosting the development of El Salvador’s coastal and eastern regions. The announcement was made during the inauguration of the Gerardo Barrios Ring Road, a key infrastructure project that will improve connectivity throughout the area.
The Pacific International Airport project gained significant momentum earlier this year when the Legislative Assembly approved funding for the initiative in May. The 2024 Budget Law was amended to allocate $19.4 million in surplus tax revenue to the Autonomous Executive Port Commission (CEPA), which will oversee the construction and equipping of the new terminal in La Unión.
In addition to the national funding, the Development Bank of Latin America and the Caribbean (CAF) pledged $320 million in financing for the project in July. The new airport will play a pivotal role in enhancing air connectivity, promoting tourism, and improving El Salvador’s competitiveness on the global stage.
The airport is projected to handle between 300,000 and 500,000 passengers annually, generating significant economic benefits. It is expected to create more than 20,000 jobs during its construction, with lasting economic growth for the more than one million Salvadorans living in the eastern region. Additionally, the airport will serve as an emergency auxiliary center in times of need.
Federico Anliker, president of CEPA, recently presented the project to airport industry leaders at the Latam Airport Summit II, emphasizing the investment opportunities and growth potential for the region’s aviation sector. The Oriente Airport is poised to become a cornerstone of El Salvador’s infrastructure development, driving growth and prosperity in the country’s eastern zone.
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President Bukele Reveals Key Infrastructure Project to Boost El Salvador’s Economy.
President Nayib Bukele recently presented the Gerardo Barrios Ring Road, a monumental infrastructure project set to significantly enhance transportation and economic development in El Salvador. This ambitious project, with a total investment of $164 million, is designed to improve connectivity and streamline travel in the eastern part of the country.
The Gerardo Barrios Ring Road spans 21 kilometers and includes several key features, such as 42 kilometers of bike paths, four bridges (Río Grande, Río Taisihuat, Jalacatal, and Papalón), two interchanges (Quelepa and Ruta San Miguel), seven overpasses, four roundabout intersections, and 12 bus stops. President Bukele emphasized that the ring road is built with modern road safety standards to ensure the protection of all users.
The project, which was partially funded by Japan, aims to reduce travel times significantly, boosting trade, tourism, and overall economic growth. The new road will enhance the connection between the capital, the coastal region, and neighboring countries like Honduras and Nicaragua, improving El Salvador’s regional competitiveness.
«This is a work that will transcend time,» said President Bukele, underscoring the long-term benefits of the project for the nation’s infrastructure and development.
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November 2024 Marks Second Safest Month in El Salvador’s History.
November 2024 ended as the second safest month in El Salvador’s history, with an impressive 26 days without homicides, including 14 consecutive days. This marks a significant achievement in the country’s ongoing battle against violence, following October 2024, which remains the safest month recorded.
President Nayib Bukele announced that El Salvador is on track to close 2024 with a homicide rate of just 1.8 per 100,000 inhabitants. If current trends continue, the country could see a rate of less than 1 in 2025, edging closer to its ambitious goal of becoming the safest country in the world. «This is part of our new security goal: to become the safest country globally,» Bukele said in a statement shared on his official X account.
November saw only four days with recorded homicides—on the 7th, 14th, 15th, and 16th—according to official statistics from the National Civil Police (PNC). The exceptional regime and Territorial Control Plan, launched by Bukele in 2019 and strengthened with a state of emergency in 2022, have been credited with these remarkable results.
In total, 2024 has seen 250 days without homicides, and the country has reached 768 days without violent deaths since Bukele took office, with 655 of those days occurring under the state of emergency. These strategies have transformed El Salvador from the world’s most violent nation to the safest in the Western Hemisphere.
As 2024 wraps up, El Salvador continues to make significant strides toward its goal of enhanced public safety, with a homicide rate projection that reaffirms the country’s progress and commitment to securing a safer future for its citizens.