Project’s scope delays work
THE multi-billion kina Pacific Marine Industrial Zone (PIMZ) in Madang will come under the Special Economic Zone project, with the Government to sign a Chinese Exim Bank loan agreement for the project.
Paita told The National that there had been delays due to the scope of works being changed.
“The thing with Chinese Exim Bank agreements is that once a scope of work is changed, a new agreement has to be made again,” he said.
“The project was initially under the Commerce Department and was recently moved to the Finance Department.”
“We are currently taking stock of what we have and what we should include in the new scope of work and then we will sign a new agreement with the Chinese Exim Bank,” he said.
Meanwhile, the National Executive Council has endorsed a board to administer special economic zone projects.
Former Prime Minister Peter O’Neill told Parliament in January that the management of the project would be transferred to the Madang provincial government.
He said Madang had enormous potential and the project was to create a regional tuna processing hub for the Pacific region, create jobs and assist small-medium businesses in Madang and PNG.
The PMIZ project was established 16 years ago and it was understood that about K1 billion used so far for a project that has nothing to show for.
The project would host 10 tuna processing plants and generate 30,000 jobs once fully developed.
8 comments
Investigate it
Ombudsman commission in the Government is sleeping. By now we were supposed to be there
Looks like a total waste of money. Who is benefitting?
Another of those loan agreements that the government cannot meet it’s obligations. Many of this loan agreements are in dire need for the state to fulfill its financial commitment.
Please, stop giving my country away to China. In the long run, all you ministers will be long gone, but my beloved country will one day be run and controlled by China. I do not want my children to grow up in a country that is controlled by Kong Kongs.
“K1 billion used so far?” Am I reading this correctly or is it a typo error?
The PMIZ project was established 16 years ago and it was understood that about K1 billion used so far for a project that has nothing to show for. Than what’s the use of sign a new agreement with the Chinese Exim Bank to get another loan if nothing as happen and done at PMIZ project site
Please inform the nation, who really benefited from the 1 billion kina before injecting more money for a project that is long over due to give back to the nation in revenues.
Too many unnecessary borrowing. This government is just the same as the O’Neil’s. Or it could be even worse than the past governments. Why is it everytime loans from Chinese? Too many heartless power and money hungry politicians driven by greed, ignorance, and corruption that they’ve already sold PNG away.
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