The Government of Georgia and the Anaklia Development Consortium (ADC) signed an investment agreement for the construction and operation of the USD 2.5 billion Anaklia Deep Sea Port in the Black Sea Region.
Under the agreement, the country’s government grants the ADC, comprised of TBC Holding from Georgia and Conti International from the USA, the exclusive right to construct, develop and operate the Anaklia Deep Sea Port, which will help establish a new maritime corridor from China to Europe, restoring the historic Silk Road, according to ADC.
As part of the agreement, the Government of Georgia will invest USD 100 million in the construction and development of railway and transportation links connecting the port to the region.
This nine-phase project is scheduled to start by the end of this year, according to Prime Minister of Georgia, Giorgi Kvirikashvili.
The first phase of the project would be finalized in three years, with the port becoming operational and able to accommodate Post-Panamax ships by 2020. Upon completion of the first phase and the opening, the port will have two entry container terminals that will be able to handle up to 800,000 TEUs.
Only the first phase of the project will see an investment of USD 586 million, according to the Prime Minister.
The ADC has also signed a contract with Dutch maritime engineering company Van Oord to conduct pre-construction works.
Anaklia Deep Sea Port will be constructed on about 400 hectares of land and the country’s government granted the ADC rights to use the land for a period of 52 years. After completion of all phases, the port would have capacity to serve 100 million tons of freight turnover.