BAKU, Azerbaijan, December 4
By Tamilla Mammadova – Trend:
Georgian government cannot continue cooperating with the Anaklia Development Consortium if the latter is unable to fulfill its obligations to secure funding for the project of Anaklia Deep Sea Port in a timely manner, said Vice Prime Minister and Minister of Regional Development and Infrastructure Maya Tskitishvili, Trend reports referring to the Ministry.
The 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.
"Georgian government still has not been informed of additional investors interested in the Anaklia Development Consortium. The deadline of the project has been practically extended by two years," the minister said.
As reported, the deadline for the Anaklia Development Consortium to come up with the needed capital for the project and finalize agreements with potential investors and financial institutions expires on December 16. According to the ministry, there is little time left to fulfill these obligations.
As the ministry noted, Georgian government has not canceled the current investment agreement despite the expired deadline for the consortium to fulfill its interim obligations which was finalizing agreements with potential investors and financial institutions to bring in $520 million of total investments.
The deadline for the Anaklia Development Consortium to obtain the needed $400 million in loans from international financial institutions and to put forward its own capital of $120 million is the end of 2019.
---
Follow the author on Twitter: @Mila61979356