Friday, April 13, 2012

PMIZ to be high impact project

The Pacific Marine Industrial Zone (PMIZ) in Vidar, Madang province, will be one of the biggest impact projects the country has ever seen, says Commerce and Industry Secretary Stephen Mera.

Commerce and Industry Secretary Stephen Mera

He told The National after launch of the engineering concept design for the US$95 million (K216 million) PMIZ on Wednesday that the project would be of massive proportions.
The PMIZ is located at Vidar Plantation, along the North Coast Road outside Madang town, and comprises a total of 215ha.
“The first phase alone will cost about K400 million,” Mera said.
“This is a regional project.
“By the time we complete the project, we would have spent up more than K1 billion.
“When the investors come in, you’re looking at more and more money coming in.”
Mera said the project would start immediately with the launch of the engineering concept design on Wednesday, and payment of K10 million PNG government counterpart funding by Commerce and Industry Minister Charles Abel to China Shenyang International Economics & Technical Cooperation Corporation (CSYIC).
“The design will take about six months,” he said.
“We are at the detailed design stage now
“We expect construction to begin by the end of this year.”
Mera said of the US$95 million, the PNG government would contribute US$21 million while US$74 million would come from the Exim Bank of China.
The project is the biggest soft loan project from the Chinese government to Papua New Guinea.
Funding for the project was secured through bilateral arrangement between China and PNG.
A framework arrangement was signed in November 2009 which allowed for PNG to access the concessional loan from Exim Bank of China.
The condition of the concessional loan was for the main contractor to be a Chinese company selected by the bank through its own selection process.
The aim of PMIZ is to create a regional tuna processing centre which will provide an opportunity for regional member countries and PNG tuna industry to set up processing plants within the zone, add value to their tuna catches and supply export markets.

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