El Salvadors Bitcoin City port transformation secures $1.6 billion investment
El Salvador President Nayib Bukele announced that Turkish company Yilport Holdings will invest $1.6 billionthe largest private investment in the nations historyto upgrade two ports, including one in the home of the proposed Bitcoin City, according to an Aug. 12 video statement.
Bukeles video revealed that Yilport would be upgrading the ports at Acajutla and La Unión the latter being the site of the proposed Bitcoin City.
President Bukele announced that this investment marks the third phase of his governments economic development program, focusing on logistics. He emphasized that this investment would create new and improved trade opportunities for the Central American country.
The investment
Yilport Holdings will form a joint venture with El Salvadors Comisión Ejecutiva Portuaria Autónoma (CEPA) to manage the Acajutla and La Unión ports for the next 50 years.
The project will unfold in phases, starting at the end of this year. The first phase will modernize Acajutlas infrastructure and acquire new equipment. The second phase will involve constructing additional infrastructure to triple the ports capacity.
Conversely, the initial phase at La Unión, which has been unused for nearly two decades, will focus on dredging and procuring new equipment.
Mauricio Ortiz, a member of El Salvadors Legislative Assembly, said:
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
Bitcoin City is one of President Bukeles most ambitious projects. The proposed city aims to be a tax haven and will leverage geothermal energy for Bitcoin mining.
Plans for the city include residential areas, commercial hubs, museums, entertainment venues, bars, an airport, a port, and rail connections.
Bukele announced the project in 2021, promising funding through the Volcano Bond. However, construction has yet to commence.
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Text source: CryptoSlate
