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.
Tweet 
Share
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.
The Georgian Ministry of Infrastructure has announced the government will allow the Anaklia Development Consortium to try to come up with the needed capital for the project by the end of the year. The ministry announced it will not cancel the current investment agreement despite the expired deadline for the consortium to finalise agreements with potential investors and financial institutions to bring in $520 million in total in investments.
Georgian Minister of Infrastructure Maia Tskitishvili said earlier today that if the Anaklia Development Consortium fails to finalise agreements with potential investors and financial institutions to bring in $520 million in total in investments, the government may cancel its investment agreement with the consortium.
The Anaklia Development Consortium says it has found two new potential investors for the Anaklia Deep Sea Port in addition to the current investors of SSA Marine from the United States and TBC Holding from Georgia, announced the Anaklia Development Consortium today.
The Anaklia deep sea port does not belong to a single person, but is rather an integral part of the development of the country, Georgian Prime Minister Giorgi Gakharia announced today.
The Dutch company Van Oord, an international contractor specialising in dredging, marine engineering and offshore projects (oil, gas and wind), has become the owner of four per cent of shares of the Anaklia Development Consortium.
Meridian Capital Limited investment firm says it’s unable to participate in the Anaklia Deep Sea Port project at this stage, announces the Ministry of Infrastructure.
US-based construction and development company and co-founder of the Anaklia Development Consortium together with TBC Holding, Conti Group, will not leave the consortium, announced the Anaklia Development Consortium earlier today.
Georgian Minister of Infrastructure Maia Tskitishvili said earlier today the government cannot continue cooperating with the Anaklia Development Consortium if the latter is unable to fulfill its obligations to secure funding for the project in a timely manner.
General Director of the Anaklia Development Consortium Levan Akhvlediani said earlier today that if Georgian government cancels the agreement with Anaklia Development Consortium on the building of the Anaklia Deep Sea Port, the consortium will start arbitration dispute.