Govt to seek more funds for project

 THE Government, through Kumul Consolidated Holdings Limited, will seek additional funds for the second phase of Pacific Marine Industrial Zone project in Madang.

Trade, Commerce and Industry Minister Richard Maru said the US$95 million (K296 million) loan from China’s EXIM Bank would be used to fund only the first component of the project.

He said it had been 10 years since the loan was initially negotiated and cost of the whole project had increased over the years.

“The initial problem with the delay is the cost increases,” he said. 

“Clearly the loan that we took from the China EXIM Bank is not enough to build all the facilities we require including the new township within the PMIZ.

“I am happy that NEC (last) Monday made the decision to transfer the ownership of PMIZ and the management of this project to Kumul Consolidated Holdings. 

“KCH will now take over the management of this project and ownership of the park. 

“They will use their capacity to find resources, to build the township and facilities that cannot be built with initial loan we got from the EXIM Bank,” he said.