Paita: Funding for PMIZ to continue until end

NATIONAL Planning and Monitoring Minister Rainbo Paita says budget allocations for the K1.2 billion Pacific Marine Industrial Zone (PMIZ) in Madang will continue until its completion in 2025.
He said K100 million had been allocated for PMIZ in 2022 Budget.
Paita said fisheries was one of the Government’s targeted sector in strengthening the economy and funding for the PMIZ would be an ongoing commitment with another K300 million in 2023. “K200 million will come from the National Fisheries Authority (NFA) and K100 million from GoPNG project improvement programme)funds,” he said.
“The six canning manufacturers in PNG now employ 13,000 people but when the PMIZ is completed and operational, it will boost employment to 40,000.”
However, Institute of National Affairs executive director Paul Barker previously said the project should be funded by the corporate sector.
Barker said the Government should instead set conditions and let the private sector invest.
“Maybe those facilities should be funded more by the private sector rather than with state borrowing.”