Four Obligations that Anaklia Consortium Must Fulfill before 2020

“The Government of Georgia has all rights to terminate the whole agreement with Anaklia Consortium, because it has fulfilled the capital replenishment requirement partly and has not fulfilled the obligation for submitting bank guarantees at all.

Nevertheless, Government of Georgia takes into account the importance of Anaklia Deepwater Seaport project and refrains from terminating the agreement”, the statement spread by Ministry of Regional Development and Infrastructure reads.

According to the mentioned statement, Anaklia Development Consortium must fulfill the following obligations up to the end of 2019:

• Agreement with potential investors on replenishment of the consortium’s owns capital of 120 million USD;

• Achievement of an agreement with international bank on allocating 400 million USD loan and signing due agreements;

• Submitting 20 million USD bank guarantee for fulfilment of obligations;

• Signing contract agreement with the first phase operator and construction company of the first phase. “We hope that the next act of support showed by Government of Georgia will bring real results and in this case the Consortium will finally fulfill the agreement obligations”, the statement reads.