Loan deal for Madang industrial zone eyed


Treasury will finalise the revised loan agreement for the Pacific Marine Industrial Zone (PMIZ) in Madang, says Deputy Prime Minister and Treasurer Charles Abel.
Abel, speaking at the budget presentation by Madang government on Friday, Abel said the scope of the project had been changed to turn it into an industrial zone rather than only fishing.
“We want to create a large wharf, water and power and create a sub-division and invite the private sector to come in,” he said. “We want to link PMIZ to the Baiyer-Madang Highway, which the India Exim Bank is helping us to link, so that exports come down into Madang and goods and services can go up into the Highlands.
“We are investing K3.3 billion (US$1 billion) into that highway.
Abel said there were good signs ahead with the economy improving.
“We’ve got good economic recovery happening,” he said.
“If we can manage to negotiate these two big resources, with the current LNG project, all the loans will repaid by 2024.
“We have good times for PNG as long as we keep investing into infrastructure, telecommunications, education, health and creating small-to-medium enterprises for our people.
“It all translates down to these budgets and how we can fulfill our budgetary commitments to our people and the provincial governments, and keep the place functioning.
“A lot of investments are happening in our industrial centre in Lae by the private sector, because of some of the little changes that Government is making.
“These investments are significant. They come back to food and energy production, making PNG more self-reliant and lowering the cost of business, producing our own food and energy, and reducing reliance on import and supporting the value of the kina and creating a good job.
“We have significant resource projects coming up.
“We are progressing the negotiations so that these projects give opportunity for PNG creating that economic platform.”