Anaklia Development Consortium to appeal to court as gov't cancels agreement to build port

Anaklia Development Consortium to appeal to court as gov't cancels agreement to build port

Anaklia Development Consortium is going to appeal to the International Court of Justice in response to the Georgian government’s cancellation of the investment agreement with the consortium to build the Anaklia Deep Sea Port.

General Director of Anaklia Development Consortium Levan Akhvlediani said the decision of the Georgian government is baseless, Agenda.ge reported.

Today the Georgian government began procedures to cancel the investment agreement signed with the Anaklia Development Consortium on October 3, 2016 to build the Anaklia Deep Sea Port.

The consortium has been unable to obtain the needed $400 million in loans from international financial institutions and $120 million from potential investors by the official expiration of the term limits at the end of 2019. The deadline for obtaining the funding has been postponed six times.

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