Georgia to retain state ownership of Anaklia port, invite investors to manage terminals

TBILISI. July 6 (Interfax) - Georgia's authorities have decided to forego foreign ownership of the Anaklia deep-water port project, and will maintain state ownership, Minister of Economy and Sustainable Development Mariam Kvrivishvili said on Monday at a briefing.

"The port's shares will not be sold. It will be a Georgian port, and the government will own the Anaklia deep-water port. No one else will own it. International companies will directly participate in the management of the terminal infrastructure. This is the most proven ownership model. This model is operating in the Netherlands, the United States, Singapore, Belgium, and other countries," Kvrivishvili said, as quoted by the bm.ge publication.

Kvrivishvili added that the Georgian government is currently launching an open and transparent process to select strategic partners to participate in the management of the port's terminal infrastructure.

Kvrivishvili noted that in addition to creating port infrastructure, the government will ensure the construction of a road and railway to Anaklia, and international investors and private operators will provide the necessary investments to develop container and bulk cargo terminals.

"The Georgian government particularly welcomes investments in the Anaklia port from Middle Corridor countries, namely China, Central Asian countries, and Azerbaijan," Kvrivishvili said.

Kvrivishvili also said that the government would allocate approximately $200 million from the budget to complete the first phase of port construction.

"We have achieved significant savings in ongoing construction, breakwater construction, and dredging. $50-$52 million has been optimized, and instead of $250 million, the government will mobilize $200 million to finance additional infrastructure in accordance with the amended model," the minister said.

Kvrivishvili said that the Georgian government plans to attract loans from international financial institutions to implement the project.

"Negotiations with international financial institutions have already begun, and there is considerable interest in participating in the Anaklia deep-water port project, including from international financial institutions and potential international operators," she said.