US Overseas Private Investment Corporation (OPIC) will invest $50 million in a new terminal in Georgia’s Black Sea port town of Poti, reported agenda.ge. The agreement was signed on 17 May between the OPIC and Pace Georgia.

“The project will be the first port in Poti to handle large vessels of up to 253 meters in length and with a capacity to carry up to 50,000 tonnes of cargo. The project will also upgrade existing port infrastructure to include a modern hydraulic system. The improved port will increase trading capacity for the country, which is an important transit link to connect Central Asia and Europe”, reads the public information summary of the project.

The port town Poti is one of the most important seaports on the Black Sea. It is a connection point of the Trans-Caucasian Corridor/TRACECA, a multinational project which connects the Romanian port of Constanţa and the Bulgarian port Varna with the landlocked countries of the Caspian region and Central Asia.

The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in countries with emerging markets, and advances U.S. foreign policy and national security priorities. It is among the first international organisations which started financing projects in Georgia. It has invested 600 million US dollars on 60 projects in Georgia so far.