“In the proposed 2021 State Budget, the Georgian Government admits that a new port tender is unlikely to succeed. This is because no credible investor is likely to participate in circumstances where arbitration claims are ongoing about the Government's treatment of ADC and international investor Mr. Bob Meijer” – Anaklia Development Consortium (ADC) issued a statement today.
According to the ADC, the government does not believe any legitimate bidders will emerge for a port project at Anaklia, condemning any hope that Georgia will see the jobs and economic growth that would come with such a strategic project.
The ADC highlights the following note in the proposed budget regarding the intended new tender for an Anaklia Port Project: “Potential risks – as it currently stands, due to the potential arbitration dispute, an investor of high reputation and experience may not be selected. Also, other unforeseen circumstances.”
The ADC claims that not only will Georgia not see a new port project at Anaklia any time into the future, the likely outcome is negative decisions by respected international arbitration tribunals against the Government, thereby creating the obligation to pay substantial damages and also creating economic risk for the country given the damage the government will have caused to Georgia’s standing with international investors.
“The investors of the Anaklia Development Consortium remain ready to restart this project, inviting new investors and partners so that Georgia can realize the riches this project offers. All that is necessary is for Georgian Dream and this Government to put aside personal interests and act in the best interest of the people of Georgia” – reads the official statement released today.
