US DFC signs $25 million loan agreement with PACE Group to complete second berth construction at new Poti Seaport

The United States Development Finance Corporation (DFC) has signed a second loan agreement with PACE Group for $25 million to complete the construction of the second berth at the new Poti Seaport, said on Thursday the United States Embassy in Georgia.

In a social media message, the Embassy noted that the project would increase the port’s throughput capacity by an additional one million tons per year, strengthen critical infrastructure, and make trade along the Trans-Caspian Corridor safer and more efficient.

“We are pleased to announce that the US Development Finance Corporation (DFC) has signed a second $25 million loan agreement with PACE Group. The financing will be used to complete the construction of the second berth at the new Poti Seaport, which will significantly increase the capacity to handle bulk cargo. The project will increase the port’s throughput capacity by an additional one million tons per year, strengthen critical infrastructure, and make trade along the Trans-Caspian Corridor safer and more efficient”, the statement said.

“This project builds on the successful partnership between DFC and PACE Group, which provided a $50 million loan in 2020 for the development and construction of the new Poti Seaport Terminal. DFC is the US Government’s international investment agency, whose investments are made by American taxpayers, it delivers strong economic results and promotes sustainable economic development for US allies and partners”, the Embassy concluded.