El Salvador secures historic $1.6B investment for port upgrades, including the future Bitcoin City’s location.
Turkish company Yilport Holdings to lead the modernization efforts.
President Bukele hails the investment as a boost for economic growth and job creation.
El Salvador has secured a historic $1.6 billion investment from Turkish company Yilport Holdings to transform a key port into the future home of its ambitious Bitcoin City project. This landmark deal, announced by President Nayib Bukele, marks the largest private investment in the nation’s history and will see Yilport spearhead the modernization of two critical ports.
Ülkemizin tarihindeki en büyük özel yatırım 🇸🇻🇹🇷 pic.twitter.com/2cmn8T3g5p
— Nayib Bukele (@nayibbukele) August 12, 2024
The investment marks the third phase of El Salvador’s economic development program, aimed at boosting trade opportunities in the Central American country. Yilport Holdings will upgrade two ports: Acajutla and La Unión. The latter is slated to become the home of the much-anticipated Bitcoin City.
Modernizing Acajutla is a significant step toward bolstering El Salvador’s economic and infrastructure growth. Mauricio Ortiz, a member of the Legislative Assembly, highlighted the importance of these upgrades, stating:
“Investing in the modernization of the port of Acajutla (modernization and tripling of its current capacity) and rescuing the port of La Unión is extremely key to generating economic dynamism in the country through foreign investment and local employment.”
Bitcoin City is an ambitious Bitcoin project of the country, first proposed in November 2021. The proposal focused on building a tax-free city funded by volcano-based Bitcoin mining. Though the project had much hype in the beginning, it soon went unnoticed, with multiple delays in fundraising.
Now, with renewed focus, Bitcoin City is back at the forefront. It aims to provide a comprehensive range of facilities, including residential, commercial, industrial, educational, and research centers. This development could elevate El Salvador’s global standing, create thousands of jobs, and reduce unemployment.
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