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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  • ANAKLIA DEVELOPMENT CONSORTIUM AND PRINCIPAL INTERNATIONAL INVESTOR FILE ARBITRATION CLAIMS AGAINST GEORGIA

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    TBILISI, GEORGIA, 30 July, 2020 – The Anaklia Development Consortium (ADC) and Mr. Bob Meijer, one of its
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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
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    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
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    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
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    “The investors of the Anaklia Development Consortium continue to believe firmly that the Anaklia Port
    Project and Special Economic Zone should be allowed to proceed, and that the Project will create
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    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
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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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    “The responsibility for these consequences rests solely with the current Government and the ruling
    party.”
    NOTE: ADC and Mr. Meijer are represented by a team led by Mr. Andy Moody at Baker McKenzie in London and
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    Further details can be found at http://anakliadevelopment.com

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