15 August 2020,   01:08
Anaklia port project and commercial risks insurance - The issue is not agreed

Construction of the Anaklia project - Anaklia deep-sea port consortium, international donors and government officials held a meeting. International Credit Institutes have eight demands in order to set an eight-points to require to fulfil 8 points of demands in order to provide hundreds of millions of dollars required for the construction of the project.

At this stage, it is impossible to agree on the risks of burden turnover. According to the government members, the state will not be able to enter commercial risks. The Minister of Infrastructure does not exclude that the disagreement on the issue may become a reason for postponing the implementation of the Anaklia port project.

"The state can not afford to insure investor"s commercial risks. This is the position where we have negotiations with banks and consortium with regard to what additional tools are available," Maia Tskitishvili said.

According to the government members, there will be several rounds of negotiations. Ministers say the project of Anaklia port is important for the state.

"In our existing program, which we have agreed with the Monetary Fund is not envisaged that the state takes additional financial risk in this part," said Finance Minister Ivane Machavariani.

The Former Deputy Chairperson of the TBC Bank Supervisory Board speaks about the necessity of active negotiations and work before a final agreement is reached.