The Latin inscription above the entrance states: "Paul V Borghese, Roman, Pontiff, in the year 1612, the seventh of his pontificate, erected in honour of the Prince of Apostles".
The entrance to Saint Peter's Basilica has spitirual significance as it is written:
“I am the gate. Whoever enters through me, will be safe. He will go in and out, and find pasture”.
(John 10:9)
Above the entrance to St. Peter's Basilica is the central balcony where the election of the new pope is announced - the famous Latin saying: "Habemus Papum" which means "We have a Pope". It is also where the Pope gives the Urbi et Orbi blessing, and for this reason the balcony is also called the "Loggia of the Blessings",