The Turkish Yilport Holdings made the largest-ever private investment in El Salvador and will develop the port at the proposed site of Bitcoin City.
Turkish port and terminal operator Yilport Holdings has committed $1.6 billion to two port projects in El Salvador. This is the largest private investment in El Salvador’s history and could finally bring the Central American country’s ambitious Bitcoin City into being.
Salvadoran President Nayib Bukele announced the deal in a video on his X account. Yilport and El Salvador’s Comisión Ejecutiva Portuaria Autónoma (Autonomous Port Executive Commission, CEPA) will operate the Acajutla and La Unión ports in a joint venture for 50 years.
Construction of La Unión port was started in 2005 but the port was never launched, according to the video on Bukele’s X account. La Unión is the site of the proposed Bitcoin City. Bukele announced the development of the Bitcoin City in 2021, just months after making the cryptocurrency legal tender in the country. The new city would run completely on Bitcoin and be exempt from all taxation except value-added tax.
