Anaklia Deep Sea Port Project in Georgia given one more chance

Business Materials 29 October 2019 13:30 (UTC +04:00)

BAKU, Azerbaijan, October 29

By Tamilla Mammadova – Trend:

The Anaklia Deep Sea Port Project of Georgia will be discussed at the country's parliament on October 30, Trend reports via the Anaklia Development Consortium (ADC).

“The Anaklia Development Consortium has agreed to participate in an open format meeting, submit a report and answer any questions raised around the project. The discussion of the Project in the Parliamentary format has been scheduled for October 30, 2019, at 11:00," ADC noted

October 15 should have been the last day for ADC to provide the government with documents of deals signed with investors related to the project. However, the Ministry of Infrastructure and Regional Development extended the deadline and allowed the Consortium to attract finances and find investors by the end of 2019, noting that it was "the last chance".

“Despite the fact that the contract gives us the full right to cancel it today, we will not exercise this right and will allow the consortium to use its resources to the full by the end of 2019,” said Maia Tskitishvili, the Minister of Regional Development and Infrastructure of Georgia.

The minister responded that the government does not intend to cancel the contract with the Consortium and is extending the deadline to allow it to fulfill its obligations by the end of the year.

On October 26, Conti International, a member of the Conti Group and the founding partner in the Anaklia Development Consortium, confirmed that it has “reached an agreement to sell its position in the Anaklia Port Project and exit the Consortium”.

The Georgian government allows the Anaklia Development Consortium to try to come up with the needed capital for the project by the end of 2019.

The government has postponed the consortium’s deadline for obtaining the funding six times since 2017.

The Anaklia Development Consortium won the state tender to construct the port and signed a deal with the government in 2016 with TBC Holding as its principal partner, but has faced problems in attracting the $2.5 billion in funds needed to construct the port.

Construction of Anaklia Deep Sea Port started in 2017, with the opening of the port and the receiving of ships in Anaklia planned for 2021.

The latest timeline presented by the consortium says that the construction of the port will be completed in June of 2022 instead of 2020, announced the Ministry of Infrastructure on July 30.


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