El Salvador Receives $1.62 billion Investment from Turkey's Yilport to Support "Bitcoin City"

The Salvadoran government said Sunday that Turkish holding company Yilport will invest $1.62 billion in two Salvadoran seaports, the largest private investment in the country's history, in hopes of supporting the construction of its "Bitcoin City."
"It will be a company jointly owned by Yilport and El Salvador that will operate the two seaports for the next 50 years," the government said in a video statement shared by Salvadoran President Nayib Bukele on Monday. The agreement is a product of Bukele's 2022 visit to Turkey. One of the ports is the Acajutla seaport, which is responsible for the export of most of the country's coffee, sugar and Peruvian balsamic vinegar. The other is the La Union seaport, an idle and abandoned seaport located at the site of the planned construction of the Bitcoin city.