IFC to pro­vide Karachi Port Trust $70m

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In­ter­na­tional Fi­nance Cor­po­ra­tion (IFC), a mem­ber of the World Bank Group, will pro­vide $70 mil­lion to Karachi Port Trust (KPT) to help im­prove ef­fi­ciency and in­crease Pak­istan’s in­ter­na­tional trade and cre­ate jobs. This amount is in ad­di­tion to $120 mil­lion ear­lier an­nounced by the World Bank.

IFC’s loan will be uti­lized for the re­ha­bil­i­ta­tion of five non-oper­a­tional berths at the port un­der the KPT berth re­ha­bil­i­ta­tion pro­gramme. This will ini­ti­ate about six mil­lion tonnes of port ca­pac­ity, lower ship­ping costs and ac­cel­er­ate cargo han­dling. Ac­cord­ing to IFC, it will cre­ate at least 100 new jobs.

“IFC’s sup­port for Pak­istan’s port sec­tor, with this and other in­vest­ments, will help the coun­try stay in­ter­na­tion­ally com­pet­i­tive and in­crease trade flows,” said IFC Vice Pres­i­dent for East­ern and South­ern Europe, Cen­tral Asia, Mid­dle East and North Africa Dimitris Tsit­sir­a­gos.

IFC holds the sup­port to Pak­istan’s in­fra­struc­ture and trans­porta­tion sys­tems as a key strat­egy to strengthen eco­nomic growth

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