Explanation on PMIZ deal needed

The National Letters

THE Pacific Marine Industrial Zone (PMIZ) is a trap.
Before the Government signs another agreement with the Chinese Exim Bank, the people of Papua New Guinea need to know what has happened to the US$ 300 million (K1 billion) initial loan.
The Government needs to take stock of the US$300 million expenditure, before we sign another agreement with the same bank of the same country.
The Government should investigate how the money was spent without a trace of the project taking shape in Madang.
Now the Government wants to sign another agreement with the same bank.
Has the PNG Government repaid the US$300 million loan to the Chinese Exim Bank?
Is this a free gift from the Chinese government or a bank loan to the PNG government with interest?

Matakor Nguchuhulel

2 comments

  • Madang people of Vidar and Rempi will be using the PMIZ fence for piggery. Thank you PNG government for making it easier for us with your fencing.

  • Well on the loan side of things, it has been confirmed by insiders that no Exim Bank loan for the PMIZ project was drawn down within the loan availability period of five years due to prolonged court injunction on vidar state land and Environment concerns by various interest groups. A revised port design was done in 2016 to accommodate panamax sized container ships at a cost of $156 million. Exim Bank requirement since 2018 was for for GoPNG to resolve all issues and justify a business case for a larger PMIZ port investment to cater for 4 tuna processing plants occupying at least 5 hectare blocks each, capable of generating upto 15,000 factory workers . A state company like Kumul Fisheries can invest into a fully integrated (vertically and horizontally ) to maximize national content for the tuna fishery resource given away under licence in the past 45 years. Loan term sheet is a grace period of 5 years @ 1.5 percent interest over 20 years? Will PNG be better off having this project or not is for those who are populating this country at 2.4 per annum to worry about .

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