Photo credit: Andrew Harrer/Bloomberg
El Salvador President Nayib Bukele has announced the largest private investment in the country’s history has taken place as Yilport Holding Inc., will be investing over $1.615 billion into the Pacific Port Union, the ‘potential Bitcoin City.’ 

On Aug. 12, Bukele shared a video on X stating that the investment — as part of phase 3 of the government’s economic plan — will be used to modernize Acajutla Seaport and activate La Union Seaport. 

The announcement also claims that the partnership was formed during El Slavador’s presidential visit to Turkey. For the next 50 years, a mixed-ownership company between the Yilport company and the Comision Ejectiva Portuaria Autonoma (CEPA), the country’s autonomous port executive commission, will manage both the seaports. 

According to the announcement, the investment will be done in phases by the end of 2024. The first phase will improve the Acajutla Port infrastructure and purchase new equipment to reduce work time. The phase two will focus on building new infrastructure and triple the capacity of the port terminal. 

Meanwhile, in La Union Seaport, the government will focus on dredging — a process to remove sediments from water bodies – to increase the depth and activate the terminal. To restart the operations of the seaport, El Salvador plans to purchase industrial types of equipment like cranes, loaders, and backhoes. 

After rebuilding the infrastructure, the government hoped to increase the trade opportunities of the government.  

Back on Nov. 21, 2021, La Union came under the global crypto community’s radar when Bukele announced his plans to build a ‘Bitcoin City’ by taking advantage of the Conchagua volcano’s geothermal energy to power Bitcoin mining.  

El Salvador government officials like Max Keiser believe the recent investment will help Bukele to be one step closer to his goal of building Bitcoin City.