El Salvador’s Bitcoin City port transformation secures $1.6 billion investment News ▸ El Salvador ▸ Bitcoin ▸ Crypto
El Salvador’s Bitcoin City port transformation secures $1.6 billion investment
El Salvador's Bitcoin City has been in the works since 2021.
2 min read
Updated: Aug. 12, 2024 at 4:57 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
El Salvador President Nayib Bukele announced that Turkish company Yilport Holdings will invest $1.6 billion—the largest private investment in the nation’s history—to upgrade two ports, including one in the home of the proposed Bitcoin City, according to an Aug. 12 video statement.
Bukele’s 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 government’s 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 Salvador’s 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 Acajutla’s infrastructure and acquire new equipment. The second phase will involve constructing additional infrastructure to triple the port’s 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 Salvador’s 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 Bukele’s 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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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Nayib Armando Bukele Ortez is a Salvadoran politician and businessman who is the 46th and current President of El Salvador.