OPIC to Provide $50 Million Dollar Funding for the Pace Terminal
The official signing ceremony of the approval of 50 million USD financing for Pace Terminal Project , carried out by the Overseas Private Investment Corporation “OPIC” will take place on 4 February 2019, at 14:00, at the Biltmore Hotel in Tbilisi.
The event was attended by the President of Georgia Salome Zurabishvili, the Prime Minister of Georgia Mamuka Bakhtadze, other Government and Parliament officials, members of the diplomatic corps and foreign guests.
As per the agreement, Overseas Private Investment Corporation will invest $50 million to fund the Pace Group’s sea Terminal project. This financing 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 USD, with the first stage of investments being 93 million USD, of which 50 million will be financed by “OPIC”.
The Pace Terminal is located on a 25 ha territory. The harbour will be dragged up to 12 meter, as a result of which, the sea port will be able to accept vessels with up to 50,000 tone load capacity. The cargo turnover will be increased by 2.5 million tonnes. Creation of powerful port infrastructure will form an ultra-modern deep sea port.
The Pace Group is the largest transportation company in the region, with an annual cargo turnover of 3 million tonnes. The company has been operating for 27 years and has more than 1000 employees.
The Pace Terminal was the first in Georgia to handle cargos which none of the country’s sea ports could previously accept. These include Turkmenistan origin mineral fertilizer - urea, which has been transported through the Georgian transport corridor since 2016. Previously, this cargo was moving towards Russia and Iran.
The Pace Group operates a modern reverse-type Grain terminal, which is the only of its kind in Georgia.
Pace Terminal handles mineral fertilizers produced in the Central Asian Countries.
At the Pace Terminal, cargos of BP have been processed for the construction of new gas pipeline Shah-Deniz-2.
After the project completion, there will be an ultra-modern terminal complex in the Poti New Port Basin.
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