Page 52 - GEORptFeb20

9.2.5 ​Infrastructure and construction corporate news
Meridian Capital NL BV has abandoned plans to replace US company Conti International as a strategic partner in Anaklia Development Consortium (ADC) behind the planned $2.5bn, deep-water port in Anaklia on the Black Sea coast. ​The investment is a key project for Georgia’s development that has nonetheless become repeatedly bogged down by difficulties since it was first agreed under a public private partnership in 2016. The decision from Meridian comes with the Georgian parliament on October 30 set to discuss the future of the project. ADC was recently given a new deadline to settle all issues related to equity and financing. It was set as the end of the year, but Meridian’s decision further complicates a situation that was already difficult. Unless the issues are settled, the government could terminate the agreement signed in 2016.
Besides the Dutch company Royal van Oord, which has already purchased a 4% stake in ADC, Meridian was proposed by the consortium as a substitute for Conti International, which decided earlier this year to pull out of the project. Conti confirmed recently that it was still actively seeking an investor to pass its participation in the project, although the deadline agreed with ADC for such a swap expires at the end of October.
On October 28, a representative of Meridian addressed a letter to the Ministry of Regional Development and Infrastructure confirming that at this stage it does not have the capacity to invest in the Anaklia project.
9.2.6 ​TMT sector news
Georgian-born Raisin fintech to expand in US
Georgian-born fintech Raisin, currently conducting operations from Berlin, plans to expand in the US next year having this year raised €125mn.
Raisin—which provides a platform that helps European retail bank customers access higher rates in the European Union—is still busy investing the money in smaller entities that it is gradually integrating, Raisin founder Tamaz Giorgadze told Business Media.
Raisin has been operating on world markets for more than five years. It solves one simple challenge for customers—comparing and recommending deposit products across European banks. In particular, the platform makes it possible to compare deposit products via a simple interface. It also helps small banks gain access to people interested in purchasing a deposit product.
“During the summer, investors injected another €25mn in the company's capital. We have already raised €125mn this year and we haven't been able to process it yet, with almost all of our money sitting on our accounts,” said Giorgadze. “That is why we are not planning anything specific [move] this year in terms of attracting investors. We make certain purchases. The last one [entity[ we bought is Germany's leading digital retirement product provider called Fair. We are now integrating this company for our clients and for Fair's clients so that it is very easy to open accounts on both sides.”
Raisin.com offers its platform services in Iceland, Switzerland, Liechtenstein and Norway. In addition, it has separate platforms for Spain and France. According to Giorgadze, in the second half of 2020 the product will be exported to the US market.
“We have expanded our list of banks at a very fast pace in the UK. We have added some new banks like Oak North, Eldemore, ICICI Bank. The next big project we are working on is launching the product in the United States. We have already hired a second employee and we are going to launch our product
52​ GEORGIA Country Report​ February 2020 ​ ​www.intellinews.com