IFC to provide Karachi Port Trust $70m
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