El Salvador Attracts $1.6 Billion for Port Infrastructure Development Near Bitcoin City
The country is set to receive a $1.615 billion investment from Turkish company Yilport to develop two seaports, supporting the construction of its ambitious "Bitcoin City." This marks the largest private investment in El Salvador's history.
- El Salvador has secured a $1.6 billion investment from Turkish firm Yilport Holding. The funding aims to enhance the port facilities in Acajutla, and develop a new port in La Unión, the planned location for the visionary Bitcoin City announced in 2021.
"Yılport Holding Inc. will allocate over $1.615 billion to the Pacific Ports Union. This includes modernizing the Acajutla port and eventually operationalizing La Union port," President Nayib Bukele announced on X.
Plan Económico / Fase 3: Logística
— Nayib Bukele (@nayibbukele) August 12, 2024
Economic Plan / Phase 3:
Logistics pic.twitter.com/2cmn8T3g5p
- The investment will unfold in multiple phases, beginning this year, as El Salvador begins to transform itself into a regional logistics hub. The initial focus is on reducing wait times and improving port efficiency to foster economic growth.
- Yilport Holding’s agreement with the Autonomous Executive Port Commission (CEPA) includes a 50-year management of the port facilities, aiming to turn La Unión into a cutting-edge, efficient port critical for regional development.
"Strengthening our ports with this historic private investment will elevate El Salvador’s position significantly," said Federico Anliker of the country's Autonomous Executive Port Commission (CEPA).
- Although construction has not started, Bitcoin City is envisioned as a tax-free city funded by Bitcoin mining from regional volcanoes. It is said to feature residential areas, commercial centers, museums, entertainment venues, an airport, a port, and rail connections.
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