US-based Conti Group leaving Anaklia Development Consortium
Conti Group, the US-based construction and development company is leaving the Anaklia Development Consortium. Photo: Anaklia Port.
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Conti Group, the US-based construction and development company and founder of the Anaklia Development Consortium together with TBC Holding, is leaving the consortium, announces Georgian media outlet accentnews.ge.
Accentnews.ge reports that the reason is the developments around the Anaklia Deep Sea Port project, where no agreement has been reached between the government of Georgia and the project investor banks (EBRD, OPIC, ADB and AIIB) so far.
Now, as the government of Georgia prolonged the term of submitting financial closer documents for the consortium by six months, the government and four donor banks have six month period to agree on the last point of a series of eight demands, which asks the state to be the guarantor for the insurance of freight turnover with the consortium.
Once an agreement has been reached, the consortium and donor banks will invest in the project.
Accentnews.ge reports that another reason of Conti Group’s concern was recent developments around consortium founders from TBC Holding Mamuka Khazaradze and Badri Japaridze.
This month both Khazaradze and Japaridze announced to resign from the consortium’s supervisory board, which will welcome three new members once the shareholders vote to approve the appointments.
The Anaklia Development Consortium has published a statement responding to yesterday’s speech of the Minister of Infrastructure and Regional Development Maya Tskitishvili in parliament, where she said that investors in the project have eight demands before moving forward.
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The Anaklia Development Consortium, overseeing the construction of Anaklia deep sea port, will have three new members in its supervisory board, which are expected to be approved at the consortium’s meeting of shareholders scheduled for later this month.
The Georgian Minister for Regional Development and Infrastructure Maia Tskitishvili says that although the Anaklia port is a “fully private project” the state contribution is “still high”. Tskitishvili says that overall the state has invested $250 million in the project, due to the importance of the Anaklia port for the country’s infrastructure.
The government of Georgia will prolong the term for submitting financial closer documents for the The decision to extend the deadline to accumulate the necessary funds was made at today’s government meeting. Georgian Infrastructure Minister Maya Tskitishvili said this is the sixth time the term has been prolonged.Anaklia Development Consortium, which is overseeing the Anaklia deep sea port, by six months.
TBC Bank co-founder Mamuka Khazaradze says that the equivalent of more than $16 million has been frozen on his accounts and on those of co-founder Badri Japaridze per a request of the Prosecutor’s Office.
Completing the Anaklia Port project is of strategic importance, the Executive Director of the McCain Institute for International Leadership Kurt Volker said in an exclusive interview with Georgia Today published on September 2.
No project has received more state support than the Anaklia project, announced the candidate for Minister of Regional Development and Infrastructure Maia Tskitishvili yesterday in parliament.
The Anaklia deep sea port does not belong to a single person, but is rather an integral part of the development of the country, Georgian Prime Minister Giorgi Gakharia announced today.
The Anaklia Development Consortium says it has found two new potential investors for the Anaklia Deep Sea Port in addition to the current investors of SSA Marine from the United States and TBC Holding from Georgia, announced the Anaklia Development Consortium today.
Conti International, a member of the Conti Group and the founding partner in the Anaklia Development Consortium, announced that it has “reached an agreement to sell its position in the Anaklia Port Project and exit the Consortium”.
US-based construction and development company and co-founder of the Anaklia Development Consortium together with TBC Holding, Conti Group, will not leave the consortium, announced the Anaklia Development Consortium earlier today.