Georgian PM: Georgian state assumes no financial obligations or guarantees in Eagle Hills partnership

Georgia assumes no financial obligations, guarantees, or any nonstandard commitments in favor of partner company Eagle Hills, Prime Minister Irakli Kobakhidze told Parliament.

In his remarks, Kobakhidze noted that the investor was fully responsible for financing and managing the project.

“We have already shared detailed information with the public regarding the obligations of the parties. First of all, a joint company is being established: one-third of the shares will belong to the Georgian state, while two-thirds will be owned by Eagle Hills”, the PM said.

He stressed that the Georgian state will not bear any form of financial responsibility in the partnership.

“It is important to underline that, when it comes to relations and obligations, the Georgian state does not assume any financial commitments, any financial guarantees, or any nonstandard terms in favor of the partner company. The Georgian state is fully free of obligations. We contribute land and land plots to the project, and the state has no obligations whatsoever, including no guarantee commitments toward the partner company. This is crucial for forming a clear understanding of the essence of the agreement”, he continued.

Kobakhidze added that all obligations rest with the investor.

“As for the investor’s responsibilities, the investor is obliged to fully finance the project and manage its implementation. All obligations lie entirely on the side of the partner company. Once again: no obligations, no financial guarantees, and no special conditions are provided for the partner company. This is very important when discussing the transparency of the agreement”, the Prime Minister concluded.