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announced that it has received $50mn in funding from the US Overseas Private Investment Corporation (OPIC), which is the largest investment by OPIC in the Caucasus.
Located over 25 hectares, the new terminal will require dredging work to take place in the harbour to a depth of 12m, which will result in the sea port being able to accept vessels up to 253m in length and with a load capacity up to 50,000 tonnes, PACE said.
After the implementation of the project, the company’s current annual cargo turnover of three million tonnes will be almost doubled.
Georgian Minister of Infrastructure Maia Tskitishvili said that the project would create 500 new jobs.
9.2.3 ​Aviation corporate news
Azerbaijani flag carrier AZAL has temporarily ceased its Baku-Beijing flights, the airline said on January 27.
AZAL’s move appeared to be just the latest precaution taken by countries in the South Caucasus looking to avoid the spreading of China’s Coronavirus. A 22-year-old Chinese woman with a “flu-like” condition was, meanwhile quarantined in neighbouring Georgia on January 27. The woman was currently being treated and observed, Georgian officials said, adding that she did not arrive in the country from Wuhan, where the Coronavirus outbreak started, but from another city in China.
Azerbaijan has increased checks at land and air border points due to the threat of the virus.
Also, the Aliyev government has announced a “coronavirus hotline” for those who have travelled to China in the past few weeks.
Meanwhile, deputy director of the Republican Centre for Hygiene and Epidemiology of the Ministry of Health, Afag Aliyeva said: "In Azerbaijan, no patients with suspected coronavirus have been identified."
"The necessary conditions have already been created in medical institutions in case such a case is detected. In addition, quarantine rooms have been allocated in the central [Baku] district hospitals,” she added.
9.2.4 ​Tourism corporate news
LSE-listed investment fund Georgia Capital, the largest shareholder in Bank of Georgia and Georgia Healthcare Group, has announced plans to consolidate some of its businesses into a real estate holding that will invest $560mn in the tourism industry over the next five years.
The new holding is Georgia Real Estate Holding. It will merge with the M2 Group (which will include M2 established by Bank of Georgia in 2006, and a significant player in the real estate market and construction company BK Construction) as well as the hotel and commercial property business Amber Group.
Amber Group plans to open six hotels under this brand. Georgia Capital will invest $540mn in tourism over the next five years.
Georgia Real Estate Holding will be managed by Irakli Burdiladze, who has previously held the position of CEO of M2 Group.
At a news conference, Burdiladze said that the Amber Group will focus on unique Georgian culinary offers, traditional Georgian winemaking and the international promotion of Georgia.
51​ GEORGIA Country Report​ February 2020 ​ ​www.intellinews.com