US commits $67 million to finance two major projects in Georgia

The United States (US) has committed $67 million in Overseas Private Investment Corporation (OPIC) financing for two major development projects in Georgia.

A delegation from the OPIC - the US government's development finance institution - is in Georgia to negotiate terms of its latest $67 million support package for Georgia. The OPICcsupports US private investment in more than 160 developing and post-conflict countries around the world.

The OPIC delegation is in Georgia's capital Tbilisi to meet with local authorities and discuss two new development projects, for which the OPIC will contribute $67 million.

The first project was about opening a 120-bed Mother and Child Medical Centre in Tbilisi, while the second project related to the construction of new dock complex in Georgia’s Black Sea port city Poti.

Yesterday OPIC director general Kenneth Angel met Georgia’s Minister of Economy Dimitry Kumsishvili in Tbilisi.

The Mother and Child Medical Centre in Tbilisi would be built to meet top US standards and would serve local as well as foreign patients from Georgia’s neighbouring countries.

The OPIC delegation (L) and Georgia's economic team discussed two projects yesterday - the Mother and Child Medical Centre for Tbilisi and a new dock complex for Poti. Photo by Georgia's Ministry of Economy's press office.  

It will cost $27 million to built and equip the new medical centre, to which the OPIC will contribute $17 million in co-financing.

When complete this will be the first pediatric hospital in Georgia to have Joint Commission International (JCI) accreditation, announced Georgia's Ministry of Economy.

The second project related to a new dock complex at a new port in Poti. Authorities estimated the cost of this project would reach $100.5 million. Yesterday's meeting confirmed OPIC will allocate $50 million to co-finance the project.

Georgia's Economy Minister hoped these two projects would support the continuation of Georgia's long, successful partnership with OPIC.

The OPIC has been investing in Georgia since 1993. Since then the US government's development finance institution has invested more than $500 million in about 50 projects in the country.

Currently the OPIC was involved in more than 20 projects in Georgia.