Georgia's gov't may cancel agreement with Anaklia Development Consortium

Georgian Minister of Infrastructure Maia Tskitishvili said 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.

"If the consortium fails to fulfill its interim obligations by the end of October 15, 2019, the Georgian government has the right to cancel the investment agreement signed between the parties on October 3, 2016 for the construction of Anaklia Port," Agenda.ge cite Tskitishvili as saying.

Despite support from the government, the project has so far failed to obtain the needed $400 million in loans from international financial institutions and to put forward its own capital of $120 million.

The deadline for obtaining the funding has been postponed several times and the consortium was to have met this obligation by the end of 2019.