06.Dec .2019 18:27

The Vice Premier does not see the prospect of fulfilling its obligations by the Anaklia Consortium

The Vice Premier does not see the prospect of fulfilling its obligations by the Anaklia Consortium
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Maia Tskitishvili, the Minister of Regional Development and Infrastructure, said there is no "any prospect" of fulfilling commitment by the Anaklia Development Consortium until the end of the year. The matter concerns to the raising capital and signing a loan agreement of $ 400 million with the banks until the end of this year.

“We all agree that the country needs a deep-water port as soon as possible. The founders of the Anaklia Development Consortium have repeatedly said how important it is not to miss the moment when there is active competition between the ports on the Black Sea and we need to bring this port into operation quickly. In these circumstances, we have a partner, an investor who unfortunately has difficulties in obtaining funding and therefore in the implementation of this project. This is continued for the last two years. The two-year term expires at the end of this month, there is no prospect to receive a banking loan of $ 400 million or attract own funds of $ 120 million. Therefore, we have a responsibility to make a concrete decision on this fact,” Maia Tskitishvili said.

According to the Vice Premier, cutting off the relationship with a particular investor does not mean fail of the project.