Loan Larization Scheme to Launch on September 17

Published in Politics
Wednesday, 11 January 2017 14:56

A single-use scheme for loan larization (de-dollarization of national currency), which has been developed by the Georgian Government in cooperation with the National Bank, will be launched on January 17, 2017, while the details of this plan will be approved by the Government at today's meeting.

Georgia's Prime Minister Giorgi Kvirikashvili instructed the Minister of Finances to provide a detailed explanation of this process and relevant procedures after today's meeting of the Government, to provide answers to all possible questions that may arise.

"This is the right process seeking gradually to decrease the dependence of our population and the financial sector on the dollar, and we believe that this project will prove a success," the Prime Minister stated.

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    Claims Seek Substantial Damages Caused by Government’s Campaign to Undermine Port Project
    that would have created Economic Prosperity for Georgia
    TBILISI, GEORGIA, 30 July, 2020 – The Anaklia Development Consortium (ADC) and Mr. Bob Meijer, one of its
    principal investors, on 29 July filed separate arbitration claims against Georgia in relation to their rights in the
    Anaklia Port Project. Together the two claims seek to recover the value of ADC's and Mr. Meijer’s rights in the
    Project. The value of those rights is substantial, in excess of US$ 1.0 billion, representing ADC's and Mr. Meijer's
    losses directly resulting from the Georgian Government’s campaign to undermine the Anaklia Port Project.
    ADC was awarded the Anaklia Port Project in 2016. The Project (together with an associated Special Economic
    Zone) is intended to make Georgia a strategic hub for regional trade between Asia and Europe, creating
    thousands of jobs and generating substantial taxes and revenue for the government, and revitalize the Georgian
    economy at a time when the nation most needs an economic boost. There is no other port facility or location
    along the Black Sea in Georgia other than Anaklia that is capable of fulfilling the economic promise of a worldclass deep water port.
    The Anaklia Development Consortium, which was established to develop the Anaklia Port Project, is comprised
    of both Georgian and international investors. ADC is bringing its claim in the International Court of Arbitration
    of the International Chamber of Commerce (ICC). Mr. Meijer, a prominent Dutch businessman with a long
    record of successful investments in Georgia and worldwide, is bringing his claim in the International Centre for
    Settlement of Investment Disputes (ICSID), under the Georgia-Netherlands Bilateral Investment Treaty.
    Following a two-year campaign by the current Government and the ruling Georgian Dream Party to block ADC’s
    efforts to succeed with the Project, in January 2020 the Government unlawfully terminated the agreement and,
    in the process, caused ADC and it investors to lose the full sum of their investments, denying them future profits
    and causing them to be damaged financially and reputationally.
    Even though the Government had originally awarded ADC the sole right to develop the Project following a
    competitive and transparent selection process, and even though it was understood that Government support
    was necessary for the success of the Project in order to enable ADC to attract international investors and
    financing, in fact the Government changed course and undertook an overt and covert campaign to ensure the
    Project could never succeed.
    Representatives of the Government on numerous occasions criticized the Project and its shareholders, publicly
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    Anaklia Development Consortium.
    participate, and making clear to U.S. government officials that the Project did not have the support of the
    Georgian government. This aggressive campaign against the Anaklia Port Project by the Government caused
    great damage to ADC and its investors.
    Among the illegal and unethical actions of the Government and the Georgian Dream party was the launching of
    a baseless money laundering criminal investigation against Mamuka Khazaradze and Badri Japaridze, two
    prominent and successful Georgia businessmen who are principal investors in the Project. The intention of the
    slanderous allegations against Messrs. Khazaradze and Japaridze was to discourage any investors or lenders
    from supporting the Project. Such support was necessary for the Project to proceed. Unfortunately the
    Government’s campaign succeeded, insofar as investors and lenders withdrew their interest and declined to
    participate in the Project without a clear statement of support by the Georgian Government. Both the Public
    Defender of Georgia and Transparency International Georgia subsequently found that the charges against
    Messrs. Khazaradze and Japaridze were without merit.
    The following statement from ADC reflects the views of ADC and Mr. Meijer:
    “The investors of the Anaklia Development Consortium continue to believe firmly that the Anaklia Port
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    unequalled economic opportunity for Georgia. However, that success can only come with the active
    support of the Government, and we remain committed to finding a way to get this Project back on track.
    “In the meantime, ADC and its investors must protect their interests. While we have made every effort
    to engage with the Government to explore possible solutions, we have been rebuffed at every step.
    “In a patriotic gesture, ADC paused in its filing of these claims during the height of the Covid-19
    pandemic, so as not to burden the Government with any distractions as it fought to protect Georgians.
    “Regrettably, the Government is forcing this decision to commence arbitration, and the Government
    must bear the responsibility for its consequences.
    “The Government would have everyone believe that it terminated the investment agreement because
    ADC failed to meet certain obligations under the contract. In reality, the Government deliberately acted
    to ensure that ADC could not succeed with Project development. In this instance the Government abused
    its power because the ruling party and its leader decided the Project’s success was contrary to their own
    political and economic interests. In the process, the people of Georgia are victimized by the
    Government’s conduct.
    “The reversal of the Government’s support for the Anaklia Port Project and ADC, and its aggressive
    campaign to undermine the Project, ADC and its investors (driven at the behest of the Georgian Dream
    party and its leader, Bidzina Ivanishvili) seem to be driven by several motives but there are two obvious
    ones. First, it would appear that Mr. Ivanishvili may have a vested interest in the development of the
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    Dream are sensitive to pressure from Russia, which has made clear its opposition to a deep water port at
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    “By its campaign to undermine the Anaklia Port Project and force it into arbitration, the Government is
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    “Finally, the manner in which the Government has conducted itself in its attacks on ADC, its investors
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    Further details can be found at

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