Georgia to start selecting new investor for Anaklia Deep Sea Port project in near future

Georgia to start selecting new investor for Anaklia Deep Sea Port project in near future

The Georgian government will start the process of selecting a new potential investor for the Anaklia Deep Sea Port project in the near future, Georgian Prime Minister Irakli Garibashvili said. 

According to Garibashvili, the government had postponed terms for the Anaklia Development Consortium, the state-tender winner to build the deep-sea port in Anaklia, western Georgia, to fulfill its obligations, however despite repeated deferrals, the investor could not fulfill the obligations which led the government to cancel the agreement with the consortium.

"In addition, the government handed over to the investor an investment area worth 58 million GEL. We have also undertaken the obligation of the construction of a road and railway connecting the port, and the Roads Department has already prepared this project. In addition, the Partnership Fund was prepared to provide a subordinated loan of $100 million to the investor on the condition that the investor would be able to meet the obligation," the PM said.

The deadline for obtaining the funding has been postponed six times, Agenda.ge reported.

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 Anaklia Development Consortium won a 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.

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