A 2.5 billion U.S. dollar project to create the first deep sea port in Georgia has been announced. This port will serve as a new maritime corridor between China and Europe.

At a news conference in Tbilisi, Georgian Prime Minister Giorgi Kvirikashvili, explained the significance of the new project.

"This will bring completely new opportunities to Georgia to implement the concept of the Silk Road on a new scale. It will enable the South Caucasus transport corridor to operate at a new capacity and scale."

He said the Anaklia Development Consortium has been chosen to build and develop the port, beating 6 other interested parties.

The enterprise is a joint venture between the Georgian-based TBC Holding and Conti International, which is a U.S-based developer of infrastructure and capital projects.

The consortium's general director Levan Akhveldiani hailed the project as a very important and unprecedented initiative.

"It will create the first deep sea port in Georgia and it will facilitate the trade routes going through the South Caucasus. It will not be only important for Georgia the entire region, central Asian countries and especially benefit the Chinese "One Belt, One Road" initiative, which facilities... which is the shortest route going from China to Europe and Georgia lays as a gateway and Anaklia will serve as a gateway for that route. "

Mamuka Khazaradze, President of TBC Holding, also lauded the project.

"We are implementing the project which will link Asia and Europe. This will be a continuation of China's One Belt-One Road initiative, which is a new concept for old Silk Road."

Construction on the project will begin by the end of this year, and the port is expected to be operational 3 years from now.

The port's cargo capacity will be boosted by it being able to handle the largest container ships which need deep-sea access.

The restoration of the historic Silk Road and a faster maritime corridor between China and Europe has been a major priority in Georgia for years.