Construction of Anaklia Port Set to Commence in 2024," Announces Prime Minister Irakli Garibashvili

Prime Minister of Georgia, Irakli Garibashvili, announced during his 2023 report presentation that the long-awaited construction of the Anaklia port will commence in 2024. This development marks a significant milestone in the project’s progress, moving it into the crucial phase of company selection.

"Currently, we have narrowed down the selection to two major global companies. The next few months will see the completion of this selection process, paving the way for the actual commencement of construction at Anaklia," stated Garibashvili.

The Prime Minister further elaborated that the state will retain a 51% stake in the project, while the remaining 49% will be managed by the investor, who is expected to contribute substantial investments.

Garibashvili expressed confidence that the Anaklia port project would stand as a benchmark development in the Black Sea region.

Currently, the second round of the competition for the Anaklia deep-water port's construction is in progress. Economy Minister Levan Davitashvili previously disclosed that a Chinese-Singapore consortium and a Swiss-Luxembourg company have shown interest in the project, both of which are now in the running in this competitive phase.

The Georgian government, holding the majority share of the port with 51%, is seeking a private investor to fund a significant portion of the project, amounting to hundreds of millions of dollars, for a 49% stake. The government has also clarified that it does not intend to provide loan guarantees for private investors. The estimated investment for the project's first phase is 589 million dollars.

Simultaneously, the state has established a company to initiate preparatory marine infrastructure work, such as dredging and breakwater construction. This state-run company will also receive a portion of the land required for the initial phase of construction as part of its capital contribution.