Bitcoin City dream comes true? El Salvador's port upgrade project secures $1.6 billion in massive investment
TechFlow Selected TechFlow Selected
Bitcoin City dream comes true? El Salvador's port upgrade project secures $1.6 billion in massive investment
The city's plan includes residential areas, commercial centers, museums, entertainment venues, bars, an airport, a port, and railway connections.
Navigating Web3 tides with focused insightsSource: cryptoslate
Translation: Blockchain Knight
Salvadoran President Nayib Bukele announced in a video statement on August 12 that Turkish Yilport Holding will invest $1.6 billion to upgrade two ports. This is the largest private investment in El Salvador's history, with one of the ports located at the proposed site of BTC City.
In the video, Bukele revealed that Yilport will modernize and expand the ports of Acajutla and La Unión, the latter being the planned location for BTC City.
President Bukele stated that this investment marks the third phase of his administration’s logistics-focused economic development plan. He emphasized that the project will create “new and better trade opportunities” for the Central American nation.
Yilport Holding will form a joint venture with El Salvador's Autonomous Executive Port Commission (CEPA) to manage the Acajutla and La Unión ports over the next 50 years.
The project will be implemented in phases starting by the end of this year. The first phase will focus on modernizing infrastructure and acquiring new equipment at the Acajutla port. The second phase will add further infrastructure to triple the port's capacity.
In contrast, the first phase at the La Unión port—idle for nearly two decades—will focus on dredging and procuring new equipment.
Mauricio Ortiz, a member of El Salvador's Legislative Assembly, said: "Modernizing the ports of Acajutla and La Unión is an extremely critical factor in bringing economic vitality to our country through foreign investment and local employment."
BTC City is one of President Bukele’s most ambitious projects. The planned city aims to become a tax-free haven and will use geothermal energy for Bitcoin mining.
The city's plans include residential zones, commercial centers, museums, entertainment venues, bars, an airport, a port, and rail connections.
Bukele announced the project in 2021, promising funding through volcano bonds. However, construction has not yet begun.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
@CryptoSlate
