CEPA desperate for private sector cash

Without privatisation, CEPA may not be able to meet loan agreements set down by the Japanese bank JPIC, which bankrolled construction of La Unión port.

JPIC provided a loan of $100.7m to build the terminal.

Any future private sector operator would have to stump up an initial $50m in order to take over La Unión and Acajutla.

The Public Works Minister has submitted the final version of the bill enabling the privatisation to Congress.

This will leave the state with minimum 10% stake in the ports, which is believed to be of a sufficient level not to frighten off potential international operators. A total of 12 companies have so far shown an interest in the concession.