Summary:
$1.6 billion investment from Yilport Holdings is the largest in El Salvador's history.
Investment focuses on upgrading Acajutla and La Unión ports, crucial for trade.
The project aims to enhance economic dynamism through foreign investment.
Bitcoin City envisioned as a tax haven, powered by geothermal energy for mining.
El Salvador's Bitcoin City is making headlines with a massive $1.6 billion investment from Turkish company Yilport Holdings. This investment, the largest in the nation's history, aims to upgrade two ports, including one in the proposed Bitcoin City location.
The Investment Details
President Nayib Bukele announced this transformative investment in an August 12 video. Yilport will collaborate with El Salvador's Comisión Ejecutiva Portuaria Autónoma (CEPA) to manage the Acajutla and La Unión ports for the next 50 years.
The project will roll out in phases, starting at the end of this year. The first phase will focus on modernizing Acajutla’s infrastructure and acquiring new equipment, while La Unión, which has been dormant for nearly two decades, will undergo dredging and equipment procurement.
Member of the Legislative Assembly, Mauricio Ortiz, emphasized the importance of this investment in generating economic dynamism through foreign investment and local employment.
Bitcoin City Vision
Bitcoin City is one of Bukele’s most ambitious projects, envisioned as a tax haven powered by geothermal energy for Bitcoin mining. The city will feature residential areas, commercial hubs, museums, entertainment venues, bars, an airport, a port, and rail connections. Although announced in 2021 with funding promised through the Volcano Bond, construction has yet to begin.
This investment marks the third phase of Bukele’s economic development program, aiming to create new trade opportunities for the country.
Comments