PMIZ project awaiting funds

 THE construction of the Pacific Marine Industrial Zone (PMIZ) project in Madang is awaiting the US$195 million (K464.5 million) loan from China’s EXIM bank, an official says.

Trade, Commerce and Industry Minister Richard Maru said the project had been placed on halt for three years over legal matters relating to the marine park.

He yesterday said it was set to go ahead and now depended on the EXIM bank to release the loan that will be used for the project. 

“We have to wait for the Chinese EXIM bank to reinstate the loan.

“When the local people took the government to court over the marine park, EXIM withdrew the loan. 

“We now went back to the EXIM bank and said we now have the order removed, we want the loan to be reinstated so the Chinese company which got the contract will continue the work and build the park as soon as possible,” he said. 

The department’s acting deputy secretary for policy Richard Yakam had said the government allocated a total of K10 million towards the project’s feasibility studies.

He said the geotechnical investigation contract valued at K2 million was awarded to a Chinese company.

Maru confirmed that “the contract was awarded to a Chinese company. 

“I’ll check if the details of the contract are available and hopefully this week we’ll send it off to China and EXIM bank will reinstate the loan and we can draw down on the US$195million (K464.5 million) and we can get the construction done.”