Negotiations held on Anaklia Port:
What issues remain unsolved between state, financial institutions?

Construction of Anaklia Deep Sea Port started in 2017, while the opening of the first phase of the port and receiving the ships in Anaklia is planned for 2021. Photo: Anaklia Development Consortium.

Agenda.ge, 21 May 2019 - 16:20, Tbilisi,Georgia

Representatives of the Georgian government, the Anaklia Development Consortium and international finance organisations (EBRD, OPIC, ADB, AIIB) met today to discuss the details of the Anaklia Deep Sea Water project development.

Today’s meeting discussed those eight demands that the international financial institutions requested to be fulfilled in order to further invest in the project.

The proposed changes include insurance of commercial risks of an investor, regulation of development phases of the port and reimbursement of damage generated by legislative amendments.

Georgian Infrastructure Minister Maya Tskitishvili said after the meeting that the main agreement reached between all three sides is that Anaklia's port is strategically important for Georgia.

Tskitishvili said that the state has the “most difficult position” on insurance of commercial risks and this issue remains still as the unsolved one.

State cannot insure the investor’s commercial risks. We are discussing this issue with the banks and consortium in order to find out what additional tools are possible to be used for insuring commercial risks so the state does not have to take this risk”, said Tskitishvili.

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