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.

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With the support of the International Visegrad Fund (IVF), a meeting was held in the city of Zugdidi within the framework of the ongoing project at the Energy Training Center of GNERC
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Economy

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.

Last 7 Days Hot Topic

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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.

Last 7 Days Hot Topic

With the support of the International Visegrad Fund (IVF), a meeting was held in the city of Zugdidi within the framework of the ongoing project at the Energy Training Center of GNERC 01

The EU Urges Georgia to Refrain from Adopting Legislation that can Compromise Georgia’s EU Path 02

Georgia-Korea Investment Promotion and Protection Talks Advance in Seoul 03

Georgia Sees Surge in Electric Vehicle Registrations 04

Japanese Cafe Fumfula Expands in Tbilisi Amid Rising Popularity of Asian Cuisine 05

Georgian Parliament Passes Draft Law on Transparency of Foreign Influence in First Reading 06

With the support of the International Visegrad Fund (IVF), a meeting was held in the city of Zugdidi within the framework of the ongoing project at the Energy Training Center of GNERC
01

The EU Urges Georgia to Refrain from Adopting Legislation that can Compromise Georgia’s EU Path
02

Georgia-Korea Investment Promotion and Protection Talks Advance in Seoul
03

Georgia Sees Surge in Electric Vehicle Registrations
04

Japanese Cafe Fumfula Expands in Tbilisi Amid Rising Popularity of Asian Cuisine
05

Georgian Parliament Passes Draft Law on Transparency of Foreign Influence in First Reading
06