PNG Ports thankful for project funds

The National, Tuesday July 19th, 2016

PNG Ports Corporation Limited (PNG Ports) has expressed gratitude to the Chinese Government and China Exim Bank for providing funds to develop the Huon Industrial Park Project in Lae, Morobe.
Board chairman Nathaniel Poya said the loan was worth K350 million, which the project would pay off over time when the industrial park started operations.
“We (PNG Ports) have waited two years to develop this project and I thank everyone involved including the Government and the Department of Treasury for securing the funding for us,” Poya said.
Poya said PNG Ports had advanced its plans to build possibly the biggest industrial park in the country.
He said the Huon industrial park loan agreement was one of the three agreements signed for major impact transport infrastructure projects in the country, during Prime Minister Peter O’Neill’s state visit to China. “It is important that construction of this important impact project, which will influence the economy of Lae and Papua New Guinea, commences soon,” Poya said.
He said the multi-million kina industrial park was expected to be completed by next year.
He said PNG Ports was already talking to corporate firms who were interested in leasing the facilities.
“Work has commenced on the 400hectare land, and the loan finance will see the development of a completely new industrial park to accommodate long term business interests,” he said.
“The Huon industrial park represents a huge investment for PNG Ports and is one of the port infrastructure developments that will result in the creation of new revenue generating opportunities for the company as well as complement its traditional port business.”