Government of Georgia launches procedures for cancelling the investment contract signed between the Anaklia Development Consortium and the Georgian government.
As the statement released by Ministry of Regional Development and Infrastructure reads, the Georgian government decided to launches procedures for cancelling the investment contract signed between the Anaklia Development Consortium and the Georgian government on 3 October 2016 on the construction, operation and transfer of a deep-sea port in Anaklia.
“Considering that the Government of Georgia has fully fulfilled all of its obligations under the Investment Agreement, and the Anaklia Development Consortium, despite the full support of the Government, has failed to meet the taken commitments under investment agreement since 2017, failed to achieve a tangible result and did not deliver realistic vision of project development. Therefore, the Government of Georgia considered that a further extension of the term for the implementation of obligations would not lead to the desired outcome,” – the statement reads.
According to the Ministry, since the delay in contractual relations with the Consortium could harm the port construction project, the Government will launch procedures for cancelling the contract with the Consortium, as well as for further development of the Anaklia port project.