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One More Potential Investor Refuses to Join Anaklia Port Project

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The Ministry of Regional Development and Infrastructure of Georgia reported on October 29 that following Conti International’s decision to quit the Anaklia Development Consortium, Meridian Capital Limited, the company offered by the Consortium to the government as an alternative investor, also refused to join the Anaklia deep sea port project.

The Infrastructure Ministry explained that the deadline for approving a new investor, which should substitute Conti International, expires on October 29 and a day earlier, on October 28, Meridian Capital Limited notified the Ministry that the company was not able to participate in the Anaklia project as an investor. In addition, Meridian Capital Limited requested the Georgian government “to suspend the approval process.”

“The Ministry of Regional Development and Infrastructure takes into consideration Meridian Capital’s request and expresses readiness to promote all investors with appropriate experience, financial and business reputation to participate in the Anaklia deep sea port development project,” the Ministry said.

The Anaklia Development Consortium has yet to comment on the matter.

The Anaklia Development Consortium announced on October 25 that the U.S.-based Conti International, one of the main partners of Anaklia deep sea port project, decided to stay in the project.

However, in a statement released later the same day, Conti International responded that it “will continue to pursue a sale of its position in the Anaklia Port Project and exit the Consortium in a manner that is constructive and supportive of the Project achieving completion.”

For more background, follow our tag on Anaklia port

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