PIBT receives US$19m from IFC to part finance terminal

PIBT receives US$19m from IFC to part finance terminal

Pakistan International Bulk Terminal Limited (PIBT) said it has signed an agreement with the International Finance Corp (IFC), a member of the World Bank Group to get part financing for the construction of Pakistan’s first multipurpose non-food dry bulk cargo terminal at the Port Qasim near Karachi.

In his welcome speech, Managing Director Marine Group of Companies Aasim A Siddiqui highlighted the importance of the contributions made by IFC in the Ports of Pakistan and specifically to the Marine Group of Companies. He noted that the terminal will be a state-of-the-art multipurpose dry bulk cargo handling facility to be built at an estimated cost of US$185m on a Built Operate and Transfer (BOT) basis. The project is expected to be operational by 2015, with the capacity to hold up to 12Mta of dry bulk cargo.

Speaking during the signing ceremony, IFC Vice President for Europe, Middle East and North Africa Dimitris Tsitsiragos, said: “While Pakistan has strong potential for growth, it is suffering a lack of adequate investment in infrastructure.”  He further stated: “This project will facilitate growth in international trade for Pakistan, supporting the country’s economic development.”

The signing of the Investment Agreement of US$19m was executed by Capt Haleem A Siddiqui, Aasim A Siddiqui and Dimitris Tsitsiragos.

An official of PIBT told CemNet that agreements for obtaining part financing with other local financial institutions in local currency would also be signed in due course to maintain the fast track construction schedule of the project. Similarly, agreements with local cement exporters would also be signed in for when the terminal becomes operational.