“The Anaklia Development Consortium has sovereign right to apply for arbitration,” Minister of Economy and Sustainable Development Natia Turnava stated.

The minister noted that the Anaklia Development Consortium had not fulfilled its obligations for years and that the government had no other way than to terminate the contract.

Turnava added that contract renewal with the consortium is not planned.

“We are negotiating with the European Bank for Reconstruction and Development (EBRD), but decision has not been made yet.

We do not rule out talking to other financial institutions as well, such as the World Bank, the International Finance Corporation, financial institutions that have general practices to help the country in bidding strategy and finding investors,” Natia Turnava stressed.

The Anaklia Development Consortium said on February 12 that it was ready to apply for the International Court of Arbitration, and that the international investors of the consortium would start proceedings against the Georgian government.

The Georgian government officially terminated the contract with Anaklia Development Consortium on January 9 this year.

The Ministry of Economy is preparing to announce a new tender for the implementation of Anaklia Deep Sea Port project.