ADB ready to fund construction of $3B port in Georgia

Baku, Azerbaijan, May 15

Trend:

The Asian Development Bank (ADB) intends to assist Georgia in exploring the Anaklia project and is ready to invest at least $3 billion in projects related to the construction of the deep-water port in Anaklia on the Black Sea coast of Georgia and the creation of a free economic zone (FEZ) there, said Werner Lipak, general director of ADB in Central and Western Asia, Trend reports via Georgian Interpressnews.

The construction of the century is in full swing on the Black Sea coast of Georgia - work is underway to build the first deep-water port in Georgia. Representatives of the consortium JSC Anaklia Development predict that the port of Anaklia will be the most advanced and high-tech port on the Black Sea coast.

According to Lipak, this project, implemented by the Georgian-American consortium of JSC Anaklia Development, is "the gateway to the world" for Georgia, so the bank will support its development, including providing technical support. Representatives of the Anaklia Development Consortium predict that the Anaklia port will be the most advanced and high-tech port on the Black Sea coast.

"Anaklia is not only a port, it is a whole city, an industrial cluster, it is a whole economy that needs to be developed. We expect to invest at least $ 3billion in this. We want to participate in this project and cooperate with the private sector," said Lipak.

Some international financial institutions have already been attracted to finance the port in Anaklia, including the European Bank for Reconstruction and Development (EBRD), the German Investment Corporation (DEG), the Netherlands Development Finance Company (FMO) and others. Nowadays the consortium got from international financial organizations for the construction of the first of 9 phases of the port in Anaklia about $600 million.

On October 3, 2016, an investment agreement was signed between the Government of Georgia and the Georgian-American consortium Anaklia Development on the construction and management of a deep-water port in Anaklia.

The first phase of the project, which began at the end of 2017, envisages the creation of power with a capacity of at least 7 million tons of cargo per year by 2021, and in subsequent years it is planned to gradually increase the port's capacity to 100 million tons per year. The total cost of the project is estimated at $2.5 billion.

The Anaklia Development Consortium established by the Georgian TVS Holding and the American Conti International LLC received exclusive rights to use the port for a period of 49 years, as well as the right to develop a free economic zone in the adjacent territory.

Azerbaijan's High-Tech Park records new resident companies
Azerbaijan's High-Tech Park records new resident companies
Use of electronic state services in Azerbaijan grows
Use of electronic state services in Azerbaijan grows
Number of requests related to computer security in Azerbaijan down
Number of requests related to computer security in Azerbaijan down
Loading Bars
Latest
Azerbaijani gymnasts in group exercises reach final of European Championship in Ukraine
Azerbaijan's labor ministry, Azermash Group LLC sign tender contract
Iran reduces imports of chemicals from Turkey
Plastic cards becoming more popular in Kazakhstan
Turkish Ombudsman Institution prepares special report on Armenia's war crimes against Azerbaijan
Turkmenistan prepares project aimed at developing energy diplomacy
Uzbekistan’s 10M2020 production of chemical products revealed
Azerbaijan Insurers Association calls on citizens to annually renew insurance contracts
Russian Tatneft eyeing butadiene production in co-op with Kazakhstan
ICAO to include Azerbaijan's three airfields in new list of int'l geographical coordinates
Georgia becomes most popular exporter of Uzbek beans
Construction of new water reservoirs in Uzbekistan to improve water supply of land areas
Azerbaijan's ten-month import of grains, legumes from Turkey up
Turkish TPAO to expand oil, gas exploration zone
Azerbaijani TS Motors LLC wins tender on tire purchases
Georgia sees record increase in COVID-19 cases
Turkmen State Service of Maritime and River Transportation working to attract foreign investment
Gas market concept under discussion in Georgia
French Senate Resolution is blow to French interests in South Caucasus - Center for Economic Reforms Analysis
Direct flights on the Baku-Minsk route to be resumed
Azerbaijan's High-Tech Park records new resident companies
Uzbek, South Korean foreign ministers discuss strengthening of economic ties
Russia to produce over 100 million doses of world’s first COVID-19 vaccine in India
Use of electronic state services in Azerbaijan grows
Land plots for agricultural producers to be allocated from special fund in Turkmenistan
Kazakh import of steel from Turkey almost halves in 10M2020
All wells at Zenith Energy’s former assets in Azerbaijan put under conservation
Number of requests related to computer security in Azerbaijan down
Kazakhstan's Pavlodar region eyes to annually increase meat production
Baku Higher Oil School, Tallinn University of Technology sign cooperation agreement
Prices of Azerbaijani oil drop
Overall deposits dollarization decreases in Kazakhstan
Record-breaking average cotton yield observed in Azerbaijan
SOCAR says 94% of Azerbaijan’s jet fuel production went to domestic market
UAE - Kazakhstan trade turnover up
Azerbaijani currency rates for Nov. 27
ADB to support road safety project in Azerbaijan
Oil mixed as rally falters over supply concerns, vaccine doubts
SOCAR reveals volume of gas injection into storages
Kazakh oilfield construction company opens tender to buy construction materials
Turkmenistan to conclude additional agreement to increase flow rate of oil wells
FMs of Azerbaijan, Italy discuss latest situation in region
Uzbekistan reveals COVID-19 data for November 27
India ready to cooperate with Turkmenistan in supply of raw materials, finished products
French Senate's demarche laughable, shouldn't be taken seriously - Israeli expert
Greek share in Azerbaijan's total export up over 10M2020
OSCE says it has role to play in post-conflict rehabilitation in Karabakh
Automobile Exhibitors Union of Iran talks imported car pricing
Volume of loans in Azerbaijan grows
Iran's railway network to connect to Turkey through Urmia
Iran's automakers to set prices on domestic products
Share of Italy in total exports of Azerbaijan rises
Imposed restrictions further aggravate economy growth forecast in Georgia - Minister
FAO launches new system of animal identification and registration in Georgia
Britain to curb Google and Facebook with tougher competition rules
Japan's ruling party to propose big spending on green investment: draft
Turkey reports over 29,000 new coronavirus cases
813 more coronavirus cases recorded in Kazakhstan over 24 hours
Kazakhstan increases export to Greece despite COVID-19
World Bank to help Ukraine purchase COVID-19 vaccines
Sweden to reach COVID-19 peak in two weeks: forecast
Imports of fuels and lubricants up to Georgia
Trump says will leave White House if Electoral College votes for Biden
Moscow documents 77 deaths from COVID-19 in past 24 hours
WHO urges African states to strengthen readiness for COVID-19 vaccine
UK records another 17,555 coronavirus cases with 498 cases
China calls for healthy, stable military ties with U.S.
Italy reports 29,003 new coronavirus cases, 822 deaths - health ministry
Russia's Sputnik V developers call on AstraZeneca to try combining vaccines
Paris does not recognize so-called "Nagorno-Karabakh Republic" - Foreign Ministry
Recovery of oil prices has positive impact on Kazakhstan’s external balances - IHS Markit
Group of German medical experts arrives in Kyrgyzstan to fight COVID-19
Georgian NCDC Head urges people over 70 to stay at home except in necessary circumstances
Iran, Russia to cooperate on COVID-19 vaccine development
Bitcoin price down 12.7%
Armenian eco-terror in Karabakh constitute serious threat to peace and security in region - opinion
Hungary, Poland double down to try to eject rule-of-law condition from EU budget
Over 3,500 coronavirus-related deaths recorded in Moscow in October
Belavia resumes regular flights from Baku to Minsk in early December
Iran hopes Kish-Istanbul-Abadan flights to improve its trade
Kazakhstan Railways opens tender to buy welding equipment
Georgia to support businesses amid new coronavirus restrictions
WB extends deadline for implementation of agricultural project in Azerbaijan
Turkey steps up inspections as coronavirus pandemic figures climb
Cavushoglu and Stoltenberg discuss situation in Karabakh
Swedish royals test positive for COVID-19
England reveals new regional COVID tiers in fight against coronavirus
Azerbaijani gymnasts reach finals of 36th European Championship in Ukraine
Georgia continues to support its citizens amid COVID-19 pandemic
News on return of Azerbaijani soldier captured by Armenians false, relative says
Azerbaijan sends note of protest to France
Ample opportunities for investments to be created in Karabakh – minister
Azerbaijani's negotiations with UAE on renewables nearing completion
Kazakhstan, Mongolia eye signing roadmap for trade, economic co-op
Russia bans import of tomatoes from Uzbekistan’s Fergana region
36th COMCEC session opens under chairmanship of Turkish president (PHOTO)
Uzbek Ministry of Finance publishes draft law on increasing taxes on gasoline, diesel
Russian Gazprombank predicts Azerbaijan's economic recovery in 2021
iPhone 12 Pro Max and iPhone 12 Mini now at Azercell Exclusive shops!
Iran becomes self-sufficient in building oil, gas platforms
All news