Economy
Posted: 1 month ago

Madeleine Albright: Poti Seaport Expansion Project Shows What Georgia and USA Can Jointly Achieve

Madeleine Albright, ex US Secretary of State and head of Albright Stonebridge Group, has published her letter regarding Poti Seaport expansion project.

This project demonstrates what Georgia and the USA can jointly achieve, the letter reads.

“I am happy that the US Government has proved its strong support to this project, including the fact OPIC has allocated 50 million USD investment”, the ex US Secretary of State noted.

Poti is an important trading center and its expansion will help the city multiply incomes. This project will bring benefits to both Georgia and the whole Region, Madeleine Albright noted.

The new seaport infrastructure will be built in Poti with OPIC investments. On the Pace Terminal territory, solemn ceremony of the construction works inauguration was held on October 1. The ceremony was attended by Economy Minister Natia Turnava, Prime Minister Giorgi Gakharia, Regional Development Minister Maia Tskitishvili, OPIC managing director Keneth Angel, Albright Stonebridge Group director James O’Brian, American-Georgia Business Council President Mamuka Tsereteli.

The new seaport infrastructure will be developed by Pace Group, one of the major companies in the Region.

The new project will create 500 new job places. The new infrastructure will cover 25 hectare space. The deepened seaport will be able to receive ships with 60 000 displacement tonnage and the cargo turnover will grow to 5 million tons. The project is an estimated 120 million USD. The cost of the first phase is 93 million USD.