OPIC to Invest $50 mln in New Pace Terminal in Poti Port

The Overseas Private Investment Corporation (OPIC), one of the major financial institutions of the USA, is to allocate investments of $50 million for the construction of a new multi-functional marine terminal at the Port of Poti, Georgia.

The relevant agreement was signed on May 16 at the OPIC headquarters in Washington and attended by David Bakradze, Plenipotentiary Ambassador of Georgia to the USA.

The Public Information Summary briefs about the outstanding features of the Poti Port and accentuates the long-term positive outcomes that would be followed by the launch of the new Pace terminal.

“The improved port will increase trading capacity for the country, which is an important transit link connecting Central Asia and Europe. The project will create many permanent, local jobs and support the economic development of the Samegrelo – Zemo Svaneti region, where the average monthly income is only 28% of the average income in Tbilisi,” reads the Summary.

OPIC has been involved in a number of major projects carried out in Georgia, and already made investments worth $600 million.

By Ketevan Kvaratskheliya

Image source: vesselfinder.com