El Salvador Secures $1.6B Investment for Ports

El Salvador has secured a $1.6 billion investment from Turkish company Yilport Holdings to upgrade the Acajutla and La Unión seaports, marking the largest private investment in the country's history. This investment is part of President Nayib Bukele's ambitious Bitcoin City project, a planned tax-free metropolis powered by geothermal energy from a nearby volcano. The deal involves a 50-year joint venture between Yilport Holdings and El Salvador's port authority, CEPA, and will unfold in phases starting at the end of 2024. The modernization of La Unión, which has been inactive for nearly two decades, and the expansion of Acajutla are expected to transform El Salvador into a crucial logistics hub in Latin America. This development aligns with Bukele's broader strategy to integrate Bitcoin into the nation's economic framework. Bitcoin City aims to feature residential and commercial areas, an airport, and advanced logistics to support its infrastructure needs.