US Development Finance Corporation has signed a second loan agreement worth $25 million with PACE Group - the financing will be used to complete the construction of the second berth of the new Poti seaport - Embassy  

According to the US Embassy in Georgia, the US Development Finance Corporation (DFC) has signed a second loan agreement worth $25 million with PACE Group.

According to them, the financing will be used to complete the construction of the second berth of the new Poti Seaport, which will significantly increase the capacity to process bulk cargo.

“We are pleased to announce that the U.S. 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 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 U.S. government’s international investment agency, whose investments are funded by U.S. taxpayers. It delivers solid economic results for taxpayers and promotes sustainable economic development for U.S. allies and partners," reads the statement.