Economy minister urges Anaklia Development Consortium to meet obligations in time and build Anaklia Port amid ‘continued support of gov’t’

Economy Minister Natia Turnava says that the Georgian Dream government has done its best for the construction of the Anaklia Deep Sea Port. Photo: Ministry of Economy.

Agenda.ge, 17 Oct 2019 - 15:46, Tbilisi,Georgia

Georgian Minister of Economy Natia Nurnava has urged the Anaklia Development Consortium “to meet its obligations in time” after the government meeting today. 

Turnava noted the government has postponed the consortium’s deadline six times, and given extra time to bring in $520 million for the project. 

The statement comes after the decision of the Georgian Dream government made yesterday, which gave the Anaklia Development Consortium more time to try to come up with the needed capital for the project by the end of the year.

Anaklia Deep Sea Port is a priority for the government and we have proven this many times,” Turnava said after the government meeting earlier today. 

The deadline for Anaklia Development Consortium to finalise agreements with potential investors and financial institutions to bring in $520 million in total in investments was October 15. 

Specifically, the consortium was supposed to have submitted signed documents with international financial institutions for $400 million in loans and with investors for capital of $120 million.

The Anaklia Development Consortium won the 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, with the opening of the port and the receiving of ships in Anaklia planned for 2021. 

The latest timeline presented by the consortium says that the construction of the port will be completed in June of 2022 instead of 2020, announced the Ministry of Infrastructure on July 30.