Following a recent CNF update on El Salvador’s $1.6 billion investment in Bitcoin City, President Nayib Bukele announced the development via social media, emphasizing Yilport Holdings’ $1.6 billion commitment to the country.
This significant investment will revitalize the struggling La Unión port, which has suffered from outdated infrastructure and limited shipping activity. Yilport Holdings, in collaboration with the Autonomous Executive Port Commission (CEPA), will manage the port facilities for the next fifty years, with the investment rolling out in phases starting at the end of this year.
The Turkish company’s involvement also includes modernizing the Acajutla port, marking the largest private investment in El Salvador’s history. The project is set to transform the country into a crucial logistics hub in Latin America, enhancing its seaports and bolstering its economic position.
Investment Aims to Boost El Salvador’s Role in Global Logistics
El Salvador’s continued embrace of Bitcoin excites crypto enthusiasts. The planned Bitcoin City, initially announced by Bukele in 2021, aims to integrate residential, commercial, and cultural spaces, with funding expected from crypto bonds. CEPA President Federico Anliker stated,
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.
At the time of writing, Bitcoin’s price surged by 1.22% in the past day and 6.42% in the past week, reaching $59,484.54. See BTC Price chart below.
