PACE Group, the largest transportation company in the Coucousus region, has received a $50 million funding boost from the Overseas Private Investment Corporation (OPIC) towards the development, construction, and operation of a new multifunctional marine terminal at the Port of Poti, Georgia. The official signing ceremony of the loan agreement took place in Washington, D.C. on 14 May.
The signing ceremony of the loan agreement between the two countries in Washington was attended by President and CEO of OPIC Devid Bohigian, Managing Director of OPIC Kenneth Angel, Ambassador of Georgia in USA David Bakradze, President of PACE INTERNATIONAL llc Joseph Dolidze, General Director of PACE GEORGIA Irakli Tateishvili and Wings & Freeman representative Karlo Goginava.
The $50 million investment is the largest loan approved by OPIC for one particular project in Georgia and the entire Caucasus Region. The total cost of the project is $120 million, with the first stage of investments being $93 million, of which $50 million will be financed by OPIC.
A new ultra-modern terminal is now planned for construction. Located on 25 hectares of dedicated land, the new terminal will require dredging work to take place in the harbour to a depth of 12m, which will result in the sea port being able to accept vessels up to 253m in length and with a load capacity up to 50,000 tonnes.
Named the PACE Terminal Project, once completed, this new ultra-modern deep sea port and terminal complex in the Poti New Port Basin is expected to strengthen PACE Group’s powerful port infrastructure. PACE Group said cargo turnover will subsequently increase by 2.5 million tonnes, almost doubling the company’s current annual cargo turnover of three million tonnes.
According to a statement from PACE GEORGIA - After completion of the PACE Terminal Project, the terminal is expected to become a unique and powerful maritime infrastructure, and will be seen as another big step for Georgia towards establishing the country’s own transportation corridor.