The Anaklia Development Consortium LLC has been awarded the USD 2.5 billion contract to build and develop a deep sea port in Anaklia, thus establishing a new maritime corridor between China and Europe, helping restore the historic Silk Road.
Construction on the project is scheduled to launch by the end of 2016, subject to completion of environmental reviews. The port will be operational three years after its groundbreaking and will have the capacity to process 100 million tons of cargo and generate 0.5% of GDP annually by 2025.
The port, encompassing about 400 hectares of land, will provide deep-sea accessibility for ships up to post-Panamax size.
Under the contract, the Anaklia Development Consortium is also receiving the right to develop a Free Industrial Zone on about 600 hectares of land adjacent to the port.
The government of Georgia, which initiated the project, has committed to invest USD 100 million in ensuring its success.
“The Anaklia project represents a one-of-a-kind investment in the restoration of the Silk Road that will pay dividends for generations of workers in Asia and Europe,” Mamuka Khazaradze, Founder and President of TBC Holding, said.
The European Commission has predicted that a modernization of shipping services at Anaklia will save the EU’s economy up to EUR 10 billion by 2030 and reduce associated port costs by almost 7%.
Located on the eastern edge of the Black Sea, Anaklia strategically sits on the shortest route from China to Europe. The route has recently become a focal point for USD 40 billion in Chinese infrastructure investments under the Silk Road Development Fund and already accounts for 26% of Chinese foreign trade volume.
The Anaklia Development Consortium is a joint venture between TBC Holding LLC, which is based in Georgia, and Conti International LLC, a United States-based developer of infrastructure and capital projects. Other key partners include the port designer Moffatt & Nichol and port transaction advisor Maritime & Transport Business Solutions from the Netherlands.