Anaklia Development Consortium: gov’t itself does not believe in success of new tender to build Anaklia Port

The Anaklia Development Consortium (ADC) says that the Georgian government admits that a new tender to build Anaklia Port is likely to fail as there is a risk that an investor may not be found due to the potential arbitration dispute between the Georgian government and the ADC.

The ADC notes that in the proposed state budget 2021, it is written:

Due to the potential arbitration dispute, an investor of high reputation and experience may not be found”.

The government itself does not believe that suitable contenders will appear to take part in the tender for building Anaklia Port. It kills hopes of creating new jobs in Georgia, to have economic growth which logically should be followed after the implementation of this strategic project. For that, Georgian government is responsible,” says the ADC.

The consortium says that the arbitration dispute will make a negative decision against the government and the country will have additional economic risks due to the impact of this issue on the country’s reputation in the eyes of international investors.

The Anaklia Development Consortium expresses readiness to restart this project, to invite new  investors and partners so that Georgia can receive the potential benefits this project offers to the country.

The consortium urges the government to put aside the personal interests and act in the best interest of the Georgian people.

The government of Georgia canceled the agreement with the Anaklia Development Consortium to build the Anaklia Deep Sea Port on January 9, 2020.

The consortium was 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.