Economy
Posted: 2 weeks ago

OPIC Invested $50 mln in New Pace Terminal in Poti Port

The US Government’s Overseas Private Investment Corporation (OPIC) invested $ 50 million in New Pace Terminal in Poti Port.

The new port infrastructure will be located on 25 hectares of land; within the frames of the construction, the water area will deepen to 13 meters and, consequently, the port will be able to accept vessels with a load capacity up to 60,000 tonnes. This will increase the freight turnover to 5 million tonnes. The project costs $ 120 million. Its first phase costs $ 93 million, out of which, $ 50 million is included in the OPIC's investment. This is the largest funding for the investment projects implemented by OPIC in Georgia and throughout the Caucasus region.

"Our government - the Prime Minister, the economic team - are sparing no efforts to develop a  port and harbor infrastructure and create new ports in Georgia", - the Minister of Economy and Sustainable Development of Georgia said, while delivering a speech at the opening ceremony of the construction of the new port infrastructure in Poti Port.