Gov't Cancels Contract with Anaklia Development Consortium

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 fulfill 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.

By Ana Dumbadze