Page 51 - GEORptSep20

9.1.5 ​Infrastructure and construction sector news
EBRD lends €5mn to Georgian ski resort Bakuriani to improve public transport and other services
ADC seeks $1bn in compensation from Georgia over ended Anaklia port project contract
Bakuriani, a village and popular skiing resort in the Borjomi district of central Georgia, has borrowed €5mn from the European Bank for Reconstruction and Development (EBRD) to improve its public transport and public services.
The financing will help in the acquisition of street cleaning vehicles, snow removal and waste collection, as as in the purchase of multi-purpose trucks and 10 buses.
Bakuriani is one of the most visited mountain and ski resorts in Georgia. It is famous for its climate and natural environment.
“This project will help to improve the quality of municipal services and safety measures in an important resort town. Improving Georgia’s municipal infrastructure, especially in the regions, is of paramount importance for the EBRD. The project will also help promote gender equality across the workforce,” said Catarina Bjorlin Hansen, EBRD regional director for the Caucasus.
Anaklia Development Consortium (ADC) and Bob Meijer, a Dutch investor member of ADC’s supervisory board, have filed independent arbitration claims against Georgia over what they claim are their infringed rights in the Anaklia Port project.
The Anaklia deepwater port project on the Black Sea coast is of “strategic importance” to Georgia, but the Georgian government terminated the ADC contract to deliver it early this year and would not be giving the consortium another chance to build the flagship infrastructure, Georgian economy and sustainable development minister Natia Turnava said in mid-May.
The consortium and Meijer are seeking restoration of their allegedly violated rights in the $2.5bn project. The amount of their claims exceeds $1bn and consists of the losses of the consortium and Meijer.
ADC was founded by Georgian TBC Holding, the owner of the largest Georgian bank by assets, TBC Bank, and US-based Conti International, a 110-year-old company that has previously conducted major large infrastructural projects in the US. Conti, which previously held a 4% stake in the consortium, left the consortium in 2019.
Meijer, is not mentioned by ADC’s website among the shareholders. But he holds a stake in TBC Holding and is actually one of the founding members of the holding, besides Georgian businessmen Mamuka Khazaradze and Badri Japaridze.
Amsterdam resident Bob Meijer, 74, known for KattenKabinet—an art museum
51​ GEORGIA Country Report ​September 2020 ​ ​www.intellinews.com