El Salvador received a US$1.62 billion investment from Türkiye's Yilport to support the construction of "Bitcoin City"

Turkish holding company Yilport will invest $1.62 billion in two seaports in El Salvador, the government of El Salvador said on Sunday, the largest private investment in the country's history and expected to support 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 on Monday by Salvadoran President Nayib Bukele. The agreement is the product of Bukele's visit to Türkiye in 2022. One of these ports is the seaport of Acajutla, which is responsible for most of the country's coffee, sugar, and Peruvian balsamic vinegar exports. The other is the seaport of La Union, an unused and abandoned seaport at the site of the proposed Bitcoin City.