DFC Managing Director: New project will help Poti Port meet modern challenges and unlock its full potential

The Port of Poti is one of Georgia’s most ambitious and successful infrastructure projects, serving as a symbol of the country’s progress and development, Kenneth Angell, Managing Director of the U.S. International Development Finance Corporation (DFC), said at the ceremony marking the launch of construction of a new berth at the port.

According to Angell, the new project will enable the Poti Port to effectively meet modern challenges, handle larger volumes of cargo and fully realize its potential.

“I am delighted to be in Georgia today, on the beautiful shores of the Black Sea, to celebrate with you another major milestone in the development of the New Sea Port of Poti. The Poti Port is one of Georgia’s most ambitious and successful infrastructure projects and stands as a symbol of the country’s progress and advancement.

Since the opening of this modernized port in 2022, it has played a significant role in transforming Georgia’s economy and facilitating growing trade between Europe and Central Asia. Today, as trade along the Trans-Caspian Corridor continues to expand, we are laying the foundation for the port’s further growth. This project will allow the port to respond effectively to modern challenges, accommodate larger vessels, handle substantially greater cargo volumes and unlock its full potential.

DFC is the U.S. government’s development finance institution. We support global supply chains and work directly with the private sector through long-term investments. Infrastructure is one of our priorities because it forms the foundation of a strong economy. Trade and connectivity are essential drivers of growth.

DFC has been a long-standing partner of the Poti Port, and we have played an important role in its development. This expansion will be a game changer. It will add approximately one million tons of cargo capacity and significantly strengthen the Trans-Caspian Corridor,” Angell said.

According to the DFC Managing Director, the Poti Port has proven to be an excellent partner, successfully fulfilling all the necessary steps required for its development.

“This is a remarkable example of the role the private sector can play in long-term economic development and regional connectivity. The project continues the impressive story of Georgia’s economic growth.

I first came to Georgia 25 years ago and saw a remarkable country with tremendous potential that needed investment in modern infrastructure. Most importantly, I saw optimism and a strong desire for development. The spirit of the Georgian people, together with the private sector, will enable the country to achieve great things.

It has been an honor for me to work on behalf of the United States government over the years, and today, on behalf of DFC and the U.S. government, I would like to warmly congratulate you on this important initiative,” Angell said.

The U.S. International Development Finance Corporation recently signed a second loan agreement worth $25 million with PACE Group. The financing will be used to complete the construction of the second berth at the New Sea Port of Poti.