PMIZ project on track, minister says

Business

THE Pacific Marine Industrial Zone (PMIZ) economic impact project is still on track and a priority of the Government, says Trade, Commerce and Industry Minister Richard Maru.
Maru said a court case was delaying the start of the project which was launched in November last year.
“We have been advised by the Chinese government that because the loan has expired, we have to submit a totally new loan application,” he said.
“Not only has it expired in terms of the term of the loan but also the cost has increased because of the delay.
“So our officials are now working with the Exim Bank to meet all the requirements so they can provide a new loan for us to draw down on and commence the construction.
“The real cause of the delay has been the court cases (filed by NGOs).
Normally what happens is that they give us the loan and we must draw down and build the facilities within three years. If we don’t, it will lapse. It is still on track.”

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