“The Georgian Government is looking for a new investor for the construction of the Anaklia deep sea Port,” Maia Tskitishvili, Georgia’s Minister of Regional Development & Infrastructure, said at a News Conference after the Governmental Session.

The Minister emphasised that Georgia needs the deep-sea Port by all means.

“We have said many times that our country needs the deep-sea port of Anaklia for security, economic security and the full realisation of the logistical potential.

The Anaklia Port project belongs to the State and not to any private investor. It was the State that initiated the implementation of this project; it was the State that expressed interest in implementing this project as early as 2014”, she said.

Tskitishvili noted that financially stronger investor is needed.

“Georgia needs this port, so we will search for a new partner, who will be able to implement this project quickly and get the results that our country needs,” she said.

She further noted that the Anaklia Consortium will have to pay a fine for failing to fulfil its contractual obligation.

The Minister did not specify the amount of the fine, however, she said the State had already forgiven the Anaklia Development Consortium a $ 10 million fine

In addition, she said that the Anaklia Development Consortium will also have to return the land received from the state and the deep-sea port project.

“All these procedures are set out in the contract and we will strictly follow the requirements of the contract,” she said.

The Government of Georgia has decided to cancel its contract with the Anaklia Development Consortium and to launch appropriate legal procedures. The issue was discussed at today’s governmental meeting and the decision was announced recently.

The topic was the first issue on the agenda of today’s governmental meeting.

The Anaklia Development Consortium was to fulfil its duties by December 31, after the government postponed the term for reaching an agreement with potential investors, as well as international banks (EBRD, OPIC, ADB, AIIB) for a loan of $400 million.

Another duty of the consortium was to sign a contract with construction contractors. The Georgian Government says the Anaklia Development Consortium failed to meet its obligations.