OPIC to allocate $50M for terminal construction in Poti port

Business Materials 17 May 2019 16:45 (UTC +04:00)

Baku, Azerbaijan, May 17


The Overseas Private Investment Corporation (OPIC), one of the largest financial institutions in the United States, will allocate $50 million to build a new multi-functional Pace marine terminal in Poti port in Georgia, Trend reports referring toPublic Information Summary of OPIC.

On May 16, an agreement was signed at the Corporation’s headquarters in Washington with the participation of the plenipotentiary ambassador of Georgia to the USA, David Bakradze.

This project is the first port in Poti to handle large vessels up to 253 meters in length and with capacity to carry up to 50,000 tons of cargo. The improved port will increase the trade opportunities of 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 percent of the average income in Tbilisi,” the news report says.

The Overseas Private Investment Corporation is a self-sustaining U.S. Government agency, the purpose of which is to assist American business in making investments in new and emerging markets by providing loans and guarantees.

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