Asian Development Bank (ADB) plans to acquire a 30% stake in the Poti Sea Port company, owned by the RAK Investment Authority (UAE), RZD-Partner.Ru reported citing a source at the ADB office in Georgia. The ADB representatives have been currently in negotiations over the deal details with the port owners.

In 2008 RAK Investment Authority acquired for $155 million a 100-percent government stake in Poti Sea Port, as well as the territory adjacent to the port. The investor projected to build of a new modern port and establish a free industrial zone.

Georgia has been a member of ADB since February 2007. During this period Georgia has received more than $200m of the bank’s loan to support the country’s budget and to fund infrastructures project. In 2010-2011 ADB plans to allocate another $1 billion credit.