Resume work on project: Govt

Business

THE Government wants to find out what happened to more than K300 million committed to the Pacific Maritime Industrial Zone (PMIZ) project in Madang.
Treasurer Ian Ling-Stuckey said the Government wanted work on the project back on track.
“Recent work by government agencies has cleared up some technical and financial concerns about the project, and reaffirmed its fundamental attraction,” he said.
“The economic and industrial underpinnings of the project are well-known, and well-founded, and the Marape Government is enthusiastic about its prospects.
“But more work is required to bring it to fruition, hence this study.”
The project, which has been under the control of various departments and agencies since it was first promoted 20 years ago, was taken over by the National Fisheries Authority this month.
It planned 10 tuna factories, advanced port and wharf facilities including a container terminal, a tuna auction centre, new roads, drainage and wastewater systems, a communications hub and office complex.
It is expected that up to 30,000 jobs and hundreds of spin-off opportunities will be created.
A 2016 study conducted by the Kumul Consolidated Holdings estimated that an expanded project would cost about US$156 million (K536.53mil). Fisheries and Marine Resources Minister Dr Lino Tom raised the resumption of the project with the ministerial economic committee, and arranged a visit to the site by Ling-Stuckey and Madang MP Bryan Kramer.
The project was initially funded by a US$95 million (K326.73mil) loan from the China Exim Bank plus a counterpart PNG funding.
The loan is still being paid off.
The balance is K42.6 million.
Kramer said despite all the initial funding, all that existed were a half-built entrance, dilapidated staff housing and rusty fencing.
Ling-Stuckey said he was shocked at what he saw.
“If we can find the money and retrieve it, that would be of great benefit to the future of the PMIZ, which the Government wants to incorporate into its PNG Connect plan for home-grown economic development,” he said.
“The scope of the project is of significance not only to Madang and the Mamose, but to the nation.”