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What Financial Guarantees Does The Gov't Require From The Investor Of the Anaklia Port?

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Natia Taktakishvili
21.02.23 13:00
424
The Anaklia Port project was officially launched for the third time.

The government has published a letter of intent to select a private investor for the deep-water port project. According to the document, a company or consortium will be selected for the project, which will own 49%-share.

According to the application of intent, the Anaklia port project will be developed in 9 phases. The operation of the first phase should start within 3 years from the date of construction.

The application states that the first phase of the port of Anaklia should achieve the capacity required to handle at least 600,000 TEU of cargo annually, which means 7,800,000 tons, with an average of 13 tons/TEU. Development of the port from Phase 2 to Phase 9 will begin when:

• The port's annual cargo turnover will reach 80% of the capacity of the previous phase;
• An additional feasibility study will be conducted by the concessionaire,
• International Financial Institutions (IFIs)/lenders approve the implementation of the next phase;

Finally, the 9th phase involves serving 100 million tons of cargo. The port of Anaklia should be able to receive ships with a capacity of at least 6500 TEU.

The long-anticipated construction of the Anaklia deep sea port on Georgia’s Black Sea coast will start this year, Prime Minister Irakli Garibashvili announced on Monday.

Making the announcement at the weekly Government meeting, Garibashvili said the Government would hold a 51% share in the major infrastructural project, while bidding for the remaining 49% would be announced for international investors.