The Pace Group, a Georgian-American transport company, has unveiled its new multi-functional marine terminal in Georgia’s Black Sea port of Poti.
According to the Pace Group, the project with a total value estimated at USD 120 million, is expected to process additional 2.5 million tonnes freight annually, almost doubling the company’s current annual cargo turnover of three million tonnes.
The construction of the terminal began in 2020 with current investments amounting to USD 93 million. The U.S. federal government has supported the project financially, through a USD 50 million loan issued by its International Development Finance Corporation.
At an official opening ceremony, held on January 29, Prime Minister Irakli Garibashvili hailed the terminal as “an extremely important project for the region.”
Speaking of the importance of the U.S. financial assistance, the Prime Minister stressed that it indicated foreign investor’s interest in Georgia, as a country with the largest transit and transport potential in the region.
U.S. Ambassador Kelly Degnan, who also attended the ceremony, dubbed the project as a “huge success story” for Georgia, as well as for the U.S.-Georgia cooperation.
Ambassador Degnan said the new terminal provided “a big opportunity for Georgia to realize its goal of becoming an East-West hub, bringing goods from Central Asia all the way to Europe, through Georgia.”
The project has been envisioned to cover 25 hectares of area and deepen the port to 12 meters, in that allowing the docking of vessels of up to 50 thousand tonnes.
Founded in 1992, PACE Group is the largest transportation company in Georgia employing over 1,000 people, covering maritime agencies, brokerage, logistics, container services, berth and terminal operator companies. In Poti port, the Group operates eight port berths and Pace terminal.
Related:
- Pandora Papers: Ivanishvili’s Purported Secret Stakes
- Georgia Gov’t Terminates Contract with Anaklia Development Consortium
- OPIC Announces Investment in Poti
This post is also available in: ქართული (Georgian) Русский (Russian)