One of our Government's key goals and priorities is to shape Georgia into a regional hub tapping into our location and potential. Consequently, our government, since inception, has been fully supportive of this project, and we now reaffirm this support to Pace and each of its employee, Georgian Prime Minister Irakli Garibashvili stated at the opening ceremony of a new seaport in Poti.
The Prime Minister-in the company of Minister of Economy and Sustainable Development Natia Turnava, US Ambassador Kelly Degnan, and Pace Group's President Ioseb Dolidze-visited the new seaport built through the joint effort of Pace Group and the US International Development Finance Corporation (DFC).
93 million USD has been invested into the seaport's construction, with large hydrotechnical facilities built and modern port infrastructure installed.
The Prime Minister, in his speech, pointed out that Pace carried out the large-scope construction of Poti's new port, a far-reaching project for the region, since 2020. According to him, hundreds of jobs were created in the process, a crucially important aspect for the region's population amid the pandemic.
"Greetings, dear guests, friends, and colleagues! It is a great honor to be here in Poti, Georgia's gateway to the Black Sea, and to be addressing you today, a glorious day, indeed! I congratulate Pace and each of its employee on the successful completion of this large-scale project!
Pace was carrying out construction work on Poti's new seaport since 2020, a vitally important project for the region. As of today, some 93 million GEL has been invested, and this amount will increase to 120 million USD after the completion of both phases. Let me single out the engagement of the United States in this project, namely of International Development Finance Corporation (DFC) allocating 50 million USD in financing, another demonstration of Georgia's being an attractive country for foreign investments, one with the largest transit and transport potential in the region.
I am especially grateful to Mister Ioseb Dolidze who, together with his team, has implemented this remarkable large-scale project for the benefit of our country. Notably, Pace has been successfully operating for 30 years, and today marks its anniversary, and I join the company's employee in celebrating this day. The company employs over 1,000 people, and the average annual turnover of the seaports operated by the company amounts to 3 million tons. Additionally, the company, in the process of implementing this project, has excelled in social responsibility by creating hundreds of new jobs, a very important factor for the region's population amid the pandemic," Irakli Garibashvili said.
The value of the new seaport, one of the largest among Georgia's ongoing maritime projects, is almost 120 million USD. The US International Development Finance Corporation (DFC) allocated 50 million USD to finance the project, the organization's largest single investment for a project in the region. After the project's finalization, the capacity of Georgia's unified seaport infrastructure will increase by 3.5 tons.
Together with the Prime Minister of Georgia, the US Ambassador, and the President of Pace Group, the participants of the official opening ceremony were also addressed by President of the America-Georgia Business Council Mamuka Tsereteli. The guests also familiarized themselves with a video address by Albright Stonebridge Group's Vice Chair James O'Brien, who read a letter from Madeleine Albright, former US Secretary of State and Chair of Albright Stonebridge Group. Madeleine Albright's letter points out that the new Pori seaport project clearly illustrates the partnership and mutual commitment between Georgia and the US. Madeleine Albright congratulated the Government of Georgia, Pace Group, and the US International Development Finance Corporation (DFC) on the new seaport's opening. The guests also listened a video address by Kenneth Angell, Managing Director of the US International Development Finance Corporation (DFC).
