Turkish Port Investment Boosts El Salvador’s Bitcoin City Project

August 14, 2024 11:18 AM AEST | By Team Kalkine Media

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Turkish Port Investment Boosts El Salvador’s Bitcoin City Project — Image source: shutterstock

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Turkish port operator Yilport Holdings is set to invest $1.6 billion in two port projects in El Salvador, marking the largest private investment in the country’s history. This significant funding could accelerate the development of El Salvador’s ambitious [Bitcoin] City project. Announced by President Nayib Bukele, the deal involves Yilport and El Salvador’s Autonomous Port Executive Commission (CEPA) managing the Acajutla and La Unión ports for 50 years. The La Unión port, which was never operational, is planned to be the site of the [Bitcoin] City—a city intended to run entirely on [Bitcoin] (BTC) and be exempt from all taxes except value-added tax.

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