The situation around TBC Bank hinders the Anaklia port project

The situation around TBC Bank hinders the Anaklia port project

access_time2019-03-21 13:10:02

Amid the conflict between the government and TBC Bank, government officials more and more often say  that formed under the auspices of the bank Anaklia Development Consortium, which is engaged in  the Anaklia port project, does not fulfill its obligations that delays the start of the construction.

CEO of  the Anaklia Development Consortium Levan Akhvlediani disagrees with this view.

“We were forced to postpone the deadlines because of  difficult negotiations with the government. 16 changes were made to the project in our favor, and 13 in favor of the government. Apart from that, the processes were delayed for objective reasons - the acquisition of land from local residents took a longer time  than expected. This is normal when we deal with such a large-scale project,  ”he believes. 

Levan Akhvlediani notes that negative assessments give rise to suggestions that the authorities are interested in derailing  the project.

 “They do not that TBC Bank to be involved in the project. Despite it is  drawn up in favor of the state and is practically onerous for us, we still  continue to work  due to the scale  and importance  of the project. We knew that no one would work on this project, and agreed on very unfavorable conditions, ” Levan Akhvlediani explains.


 

According to the Consortium CEO, the background created by the government around TBC Bank directly impedes the implementation of the project.

International financial institutions and investors require guarantees before deciding to finance the project. These are 8 points, the fulfillment of which is imperative  and without which investors refuse to take part in the project.

“For example, the state has committed itself to build road and railway infrastructure. The state fulfills these requirements, but very slowly. We mobilized $ 620 million, but this is only preliminary agreements, and no one should have the illusion that investors will allocate such large sums without any conditions. If an agreement is not reached, the project will fail, as the consortium does not have its own money for such a large-scale construction, ” Levan Akhvlediani explains.

 “If the government does not agree to these conditions, investors will leave and the state will have to announce a new tender, explain to potential partners why the first deal failed, etc. All this will take time. Other investors will also put forward their own terms and the government will have to agree on them if they really want to realize  the project, ” Levan Akhvlediani concludes.


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