Key Takeaways
- El Salvador secures $1.6 billion for Bitcoin City port upgrades.
- Yilport Holdings will manage Acajutla and La Unión ports for 50 years.
- La Unión is key to the proposed Bitcoin City project.
El Salvador has secured a $1.6 billion investment from Turkey’s Yilport Holdings to upgrade two key ports, including one in the location of the proposed Bitcoin City. This marks the largest private investment in the nation’s history, announced by President Nayib Bukele on August 12.
Yilport will partner 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 be executed in phases, beginning at the end of this year, with the first phase focusing on modernizing Acajutla’s infrastructure and acquiring new equipment. The second phase aims to triple the port’s capacity by constructing additional infrastructure.
At La Unión, which has been unused for nearly two decades, the initial phase will focus on dredging and procuring new equipment to make the port operational.
La Unión is set to become a vital part of the proposed Bitcoin City, an ambitious project aimed at creating a tax haven powered by geothermal energy for Bitcoin mining.
Mauricio Ortiz, a member of El Salvador’s Legislative Assembly, highlighted the significance of this investment, stating that modernizing these ports is crucial for economic growth through foreign investment and local employment.
