MEXCJust-In: El Salvador Announces $1.6B Investment in Bitcoin City
Highlights
- Yilport Holdings will invest $1.6 billion in El Salvador’s ports.
- This marks the largest private investment in the country.
- Among the districts for the investment is the home of the proposed Bitcoin City.
El Salvador has announced a $1.6 billion investment in its Bitcoin City garnering new momentum across crypto spaces. Turkish company, Yilport Holdings will invest $1.6 billion in two ports at Acajutla and La Union, the home of the proposed Bitcoin City. Dubbed a Bitcoin city infrastructure investment by crypto enthusiasts, the port development will drive investment to the metropolis.
El Salvador Discloses $1.6 Billion Investment
Turkish firm Yilport Holdings will invest over $1.6 billion in El Salvador for the improvement of two ports in locations that include the proposed Bitcoin City. According to the country’s announcement on X (formerly Twitter), it is the largest private investment rolled out in the country.
President Nayib Bukele shared a video on X explaining the move to citizens. “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.”
Plan Económico / Fase 3: Logística
Economic Plan / Phase 3:
Logistics pic.twitter.com/2cmn8T3g5p— Nayib Bukele (@nayibbukele) August 12, 2024
At the moment, the port of La Union remains in a poor state with hardly any ships passing due to poor infrastructure. The agreement will see Yilport Holdings and the Autonomous Executive Port Commission (CEPA) manage its facilities for fifty years. Per the release, the investment will start at the end of the year and will be executed in stages.
Federico Anliker, CEPA President noted the move is in line with plans to strengthen sea ports to position El Salvador. “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.”
Bitcoin City Thrills Users
El Salvador’s leaning toward Bitcoin continues to thrill users as more politicians back to the asset class. Bukele announced plans for a futuristic Bitcoin city in 2021 springing up enthusiasm in the community. The city is billed to include residential and commercial commercial areas including several monuments. Per the initial announcement, the city will be funded with crypto bonds.
Meanwhile, the update also comes amid a growing institutional interest in the flagship crypto. For context, Metaplatnet has recently added more BTC into its portfolio, reflecting the growing market confidence in the digital assets sector.
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