The US Overseas Private Investment Corporation (OPIC) will invest $50 million in a new terminal in Georgia’s Black Sea port town of Poti.
The agreement was signed today between the OPIC and Pace Georgia.
The project will be the first port in Poti to handle large vessels up to 253 meters in length and with a capacity to carry up to 50,000 tonnes of cargo. The project will also update existing port infrastructure to include a modern hydraulic system. The improved port will increase trading capacity for the country, which is an important transit link to connect Central Asia and Europe”, read the public information summary of the project.
The OPIC has made a great contribution to the economy of Georgia as it was one of the first international organisations that started financing projects in Georgia.
So far OPIC has invested almost $600 million in 60 projects.