El Salvador Secures $1.6 Billion Investment to Develop Bitcoin City
El Salvador's President Nayib Bukele has announced that Yilport Holdings, a Turkish company, will make a record $1.6 billion investment to upgrade two major ports in the country.
This investment is the largest private commitment in El Salvador’s history and will significantly boost the nation’s logistics infrastructure.
The upgrade will affect the Acajutla and La Unión ports, with La Unión being the location for the proposed Bitcoin City. In a video statement released on August 12, Bukele detailed that Yilport Holdings will collaborate with El Salvador’s Comisión Ejecutiva Portuaria Autónoma (CEPA) to manage these ports for the next 50 years.
The project will proceed in stages, beginning at the end of this year. The first phase involves modernizing Acajutla’s infrastructure and acquiring new equipment, while the second phase will expand the port’s capacity threefold. At La Unión, which has been inactive for almost 20 years, the initial phase will focus on dredging and equipment procurement.
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Mauricio Ortiz, a member of El Salvador’s Legislative Assembly, highlighted the significance of this investment, noting its potential to stimulate economic growth through foreign investment and local job creation.
Bitcoin City is one of Bukele’s major initiatives, intended to be a tax-free zone that utilizes geothermal energy for Bitcoin mining. The city’s plans include residential, commercial, and entertainment facilities, along with an airport, port, and rail connections.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
