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LatinNews Daily - 21 March 2019

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In brief: El Salvador

* The US government, through the Overseas Private Investment Corporation (OPIC), its development finance institution, has approved up to US$350m in financing to construct a 378MW liquefied natural gas-fuelled electricity generation facility in El Salvador’s Acajutla city, Sonsonate department. According to a US embassy press release, the new power plant, which will create more than 1,500 jobs during construction and over 80 technical and administrative jobs during the operational phase, will be the country’s largest thermal power plant, increasing El Salvador’s power generating capacity by 23%, helping it meet growing demand for power and reducing dependence on diesel and heavy fuel oil. The 'Energia del Pacifico' thermal power plant is a joint venture of US power generation company InvEnergy and Salvadoran firm Quantum, among other private investors. The project has an estimated total investment of US$877m, making it the largest ever foreign direct investment into El Salvador. The press release notes that last week El Salvador's President-elect Nayib Bukele (who is due to take office in June), met the OPIC leadership and the latter committed to facilitate increased investment into El Salvador.