Anaklia Port development investor revealed mid-2015

The Ministry of Economy says the Conti Group has 100 years' experience in project management like Anaklia., 10 Dec 2014 - 18:50, Tbilisi,Georgia

The Georgian Government will reveal the investor that will be involved in the development of Anaklia Port in western Georgia in mid-2015.

The deadline for submitting expressions of interest to develop the mixed-cargo port on a build, operate and transfer basis finished and the Government revealed seven companies out of 12 had moved on to the next stage.

The progressing companies must now submit a development concept plan and funding proposals before the four-month deadline.

The technical and financial side of the proposals will be assessed by a German company hired by the Georgian Government.

The port will be located on the Black Sea coast of Georgia, near Anaklia resort in western Georgia, and will spread over 1,000 hectares and have access to a deep sea canyon.

Proposals submitted by 12 companies at the interest expression stage to construct and operate the deep-water port were discussed by the Government commission at today's meeting, which was held at the Government Administration.

Official documents noted the successful investor would be responsible for providing equity and attract debt financing for the project. Furthermore, the investor must attract appropriate cargo volumes for the new port.

The wider area in western Georgia is earmarked for development, the Government noted. As well as construction of Anaklia Port, development of logistics and industry zones and construction of an airport and liquid gas terminal are also planned for the region.

Authorities also expected to announce a free economic zone on the Anaklia Port territory however further details are yet to be finalized prior to execution of the investment agreement.

The Government believed the new port would become one of the main attractions of Georgia and it expected this project would gain historical importance.