El Salvador preparing to boost ICT sector with two major projects
El Salvador is preparing to kick off two major ICT projects with the endorsement of President Nayib Bukele.
They involve a new private sector technology park and the construction of Bitcoin City, a project to build a city based on the cryptocurrency.
El Salvador was the first country to adopt Bitcoin as an official currency, which it did on September 1.
TECH PARK
Costa Rican datacenter company Codisa and real estate group Aristos announced that they will build a datacenter in El Salvador. The planned investment for the project is US$30mn, according to local media.
The Data Trust datacenter, with Tier III certification from the Uptime Institute, will be the first in the country. It will be built within the new Altius technological industrial park in Ciudad Arce, La Libertad department.
During the presentation of the new technology park, Bukele pointed out that the development will generate 5,000 direct and indirect technology jobs.
In addition to the datacenter, the new park is expected to attract technology companies to set up shop there.
The developer's website states that Altius will have eight office buildings with a total leasable area of 46,000m2, a commercial datacenter, a building for parking, security booths, bus stations, and recreational and sports areas. The development will also have Leed certification for sustainable construction.
BITCOIN CITY
This week, the president also announced the construction of Bitcoin City, which will be built entirely around the cryptocurrency.
The project, for which the government will offer land and public infrastructure, is intended to attract investors to the country. The city will have no income, profit or property taxes, the government stated in a release.
The only applicable duty will be value-added tax (VAT), which will be divided into two parts: half will be used to pay the municipality's bonds and the other half for maintenance of public infrastructure.
The construction of Bitcoin City will be financed through the issuance of bonds, which is expected to take place in 2022.
The new city will have residential areas, shopping centers, restaurants, a port, and even mining and agricultural operations. It will be located near the Conchagua volcano around 150km east of capital San Salvador and will take advantage of power generation for bitcoin mining.
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