Turkish Conglomerate $1.6 Billion Investment Ignites El Salvador’s Bitcoin City Plan

El Salvador has secured a landmark $1.6 billion investment from Turkey’s Yilport Holding to propel its Bitcoin City project.

President Nayib Bukele announced this strategic partnership, which will modernize two critical seaports in the country. Additionally, it will provide the necessary infrastructure for the ambitious project.

$1.6 Billion Investment to Modernize Ports, Kickstart Bitcoin City

In his X (Twitter) post, President Bukele revealed that Yilport Holding’s investment also marks the largest private investment in El Salvador’s history. According to Stacy Herbert, Director of El Salvador’s Bitcoin Office, the agreement is a direct outcome of President Bukele’s 2022 visit to Turkey.

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Yilport Holding is a subsidiary of the Turkish conglomerate Yildirim Group. The company was established in 2011 to consolidate the Yildirim Group’s port and container terminal operations under one roof, and it expanded its reach into Latin America in 2016.

This agreement also marks the third phase of the government’s economic plan. The modernization efforts will commence with upgrades to the port of Acajutla, focusing on improving infrastructure and reducing response times.

This move will be followed by significant renovations at the Port of Union, which has been underutilized for over two decades. The enhancements are crucial as they form the backbone of the forthcoming Bitcoin City, a project central to Bukele’s economic strategy.

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