The Government of Georgia has terminated its contract with Anaklia Development Consortium. Such a statement made the Ministry of Regional Developments and Infrastructure of Georgia.

“The termination procedures of the investment agreement signed between Georgian Government and Anaklia Development Consortium on October 2016 has just started”, - reads the statement.

The Government of Georgia has decided to cancel a contract with the Anaklia Development Consortium and to launch appropriate legal procedures. The Anaklia Development Consortium had 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 getting a credit of USD 400 million. Another duty of the consortium was to sign a contract with construction contractors. According to the Georgian government, the Anaklia Development Consortium failed to meet its obligations.