BAKU, Azerbaijan, Jan. 4
By Tamilla Mammadova – Trend:
Georgian government will discuss the investment agreement signed with Anaklia Development Consortium (ADC) to build the Anaklia Deep Sea Port, Trend reports citing Georgia media outlets.
To implement the project, ADC requested a loan of $400 million from such international financial institutions as European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Overseas Private Investment Corporation (OPIC) and National Board of Revenue (NBR); however, they put forward conditions that must be provided by the state.
The Ministry of Regional Development and Infrastructure of Georgia says that government will discuss ways to continue the construction of the port.
On December 31, 2019, ADC announced that the consortium makes all efforts to keep the project alive and push it further.
"We have approached the government for support, but we have not seen an effective outcome,” said ADC.
On December 6, 2019, Director General of the Anaklia Development Consortium Levan Akhvlediani said that negotiations with investors were ongoing, but had come up against difficulties because of recent months’ developments around the project. He also noted that the business environment in the country also affected the negotiations as well.
The deadline for the submission by the Anaklia Development Consortium of loan agreements signed with banks expired on December 31, 2019.
The decision to build a deep-sea port in Anaklia was made by the Georgian authorities to increase the transit potential of the country and to join the New Silk Road project.
Anaklia Port Development Consortium was founded by TBC Holding and the American company Conti International LLC. Later, American company SSA Marine, British Wondernet Express (Central Asia) and G-Star Ltd. (Bulgaria) also became members of the consortium; however, Conti International LLC in August 2019 announced its intention to leave the Consortium, so ADC was left without the main investor.
The construction of the new port began in December 2017, and in July 2018, work began on deepening the bottom to 16 meters. However, at this stage the work was suspended.
The total project cost is $2.5 billion.
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