Georgia's Anaklia port may get $400 in foreign investment

Business Materials 21 May 2019 13:55 (UTC +04:00)

Baku, Azerbaijan, May 21


The consortium of JSC Anaklia Development, the government and international financial institutions will hold a meeting today, Trend reports via Rustavi2 TV channel.

The parties are considering what changes can be made to the contract between the state and the consortium in order to make bank financing more attractive to banks.

The consortium of JSC Anaklia Development argues that negotiations are in the active phase and should be completed by July.

“Negotiations are underway on what is included in the investment agreement, which is signed between us and the state, what amendments should be made to accept the funding. This is the planned second round of negotiations, so now we are in very active negotiations and, I hope, we will be able to complete them by July,” said Zurab Pichkhaia, Chief Financial Officer of JSC Anaklia Development.

Some international financial organizations have already been involved in financing the port of Anaklia, including the European Bank for Reconstruction and Development (EBRD), the German Investment and Development Corporation (DEG), the Netherlands Financial Development Company (FMO) and others. To date, the consortium has attracted about $600 million from international financial organizations for the construction of the first of 9 project phases.

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