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China’s ZPMC To Invest $50m In Anaklia Deep Sea Port

China’s ZPMC to invest $50m in Anaklia Deep Sea Port

China’s ZPMC To Invest $50m In Anaklia Deep Sea PortSource: Anaklia Development Corporation

Anaklia, Georgia (PortSEurope) December 29,2017 – A contract has been signed for ZPMC (Shanghai Zhenhua Heavy Industries Co., Ltd), a Chinese equipment manufacturing company, will become a long-term partner of the Anaklia Development Consortium – the company which is responsible for building the Anaklia Deep Sea Port.

Chinese corporation ZPMC will be involved in the construction of Georgia’s largest port Anaklia Deep Sea Port, on the shores of the Black Sea city of Anaklia, near Georgia’s breakaway Abkhazia region.

ZPMC will invest $50 million (€41.7 million) in construction of Anaklia Deep Sea Port and likely attract additional investments from Chinese financial institutions.

The Chinese corporation will supply Anaklia Deep Sea Port with some of its products such as large-scale container machinery and a bulk cargo handling machine.

The Anaklia Development Consortium (ADC) is developing the Anaklia Deep Sea Port and the Anaklia Free Industrial Zone in the Black Sea Region to take advantage of China’s new Silk Road economic policy.

The Port of Anaklia sits on the shortest route from China to Europe, a route that has become a major focal point of Chinese investments in infrastructure. As such, the port will attract high-value cargos seeking the fastest travel between Chinese and European markets.

Both developments are granted through an investment agreement provided by the Ministry of Economy and Sustainable Development of Georgia for the rights to develop, finance, design, construct, operate, market, manage, and grow the Anaklia region.

Source: Anaklia Development Consortium

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