The government of Georgia will prolong the term for submitting financial closer documents for the Anaklia Development Consortium, which is overseeing the Anaklia deep sea port, by six months.
The decision to extend the deadline to accumulate the necessary funds was made at today’s government meeting. Georgian Infrastructure Minister Maya Tskitishvili said this is the sixth time the term has been prolonged.
The Anaklia Development Consortium asked the government of Georgia to prolong the term (expiring on June 15) by six months during their last meeting on May 21 and “we have accepted the date the consortium suggested”, stated Tskitishvili.
The decision to extend the deadline to accumulate the necessary funds was made at today’s government meeting. Photo: Gov't of Georgia.
During this six month period, the government and four donor banks (EBRD, OPIC, ADB and AIIB) should agree on the last point of a series of eight demands, which asks the state to be the guarantor for the insurance of freight turnover with the consortium.
Once an agreement has been reached, the consortium and donor banks will invest in the project.
Earlier this month, Tskitishvili said that this is very hard for the government of Georgia to take the responsibility for commercial risks.
She said that the private sector should take the risks while the government should support the project. The consortium claims that the Anaklia Deep Sea Port project is not a private project and that the state should also take responsibility.
Anaklia Development Consortium said that construction works are developing according to a plan. Photo: Anaklia Port.
The Anaklia Development Consortium has already issued an official statement welcoming the decision to prolong the term by six months.
The statement reads that the consortium has already mobilised the needed capital for the project, however the postponement of the deadline would be used to effectively finish the process of negotiations with international banks.