El Salvador Secures $1.6B Investment for Bitcoin City Port Infrastructure
- Yilport Holdings, a Turkish firm, would put $1.6 billion into the Acajutla and La Union ports.
- The nation claims this is the biggest private investment it has ever received.
The announcement of a $1.6 billion investment in Bitcoin City in El Salvador has sparked renewed interest in cryptocurrency. Yilport Holdings, a Turkish firm, would put $1.6 billion into the Acajutla and La Union portsthe latter of which will house the Bitcoin City. Crypto enthusiasts have dubbed the port construction a Bitcoin city infrastructure investment, and it will attract investment to the city.
Yilport Holdings, a Turkish company, plans to spend more than $1.6 billion improving two ports in El Salvador, one of which is where Bitcoin City is being considered for development. Also, the nation claims this is the biggest private investment it has ever received in a statement made on X. In a video that he posted on X, President Nayib Bukele informed the public about the development.
Bukele stated:
The company Yilport Holding Inc. will allocate more than $1.615 billion to the Pacific Port Union. Here we will modernize the port of Acajutla and activate, finally, the port of La Unión.
Key Logistics Hub
Currently, the port of La Union is in a very bad condition, with very few ships using it because of the inadequate facilities. The Autonomous Executive Port Commission (CEPA) and Yilport Holdings have entered into a deal to administer the facilities for a duration of fifty years.
Furthermore, according to the press release, the investment will be phased in and will begin towards the years conclusion. The measure is in line with goals to enhance El Salvadors seaports, according to CEPA President Federico Anliker.
Anliker stated:
El Salvador is becoming a very important logistics hub in Latin America. With the largest private investment in the history of our country, we are going to strengthen our seaports.
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Read more: https://thenewscrypto.com/el-salvador-secures-1-6b-investment-for-bitcoin-city-port-infrastructure/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
