The US International Development Finance Corporation (DFC) has signed a second loan agreement worth $25 million with PACE Group, the US Embassy in Georgia reports. According to the diplomatic mission, the funding will be used to complete the construction of the second berth of the new seaport in Poti, which will significantly increase dry bulk cargo handling capacity.
“As a result of the project, the port’s throughput capacity will increase by an additional one million tons per year, critical infrastructure will be strengthened, and trade along the Trans-Caspian Corridor will become safer and more efficient.
This project builds on the successful cooperation between DFC and PACE Group, under which a $50 million loan was allocated in 2020 for the development and construction of the new Poti seaport terminal.
DFC is the US government’s international investment agency, whose investments provide sustainable economic returns for American taxpayers and promote the sustainable economic development of US allies and partners,” the statement says.