Mul­ti­pur­pose Dry Bulk Cargo Ter­mi­nal at PQ

Enterprise - - Event - Af­ter the sign­ing cer­e­mony of the In­vest­ment Agree­ment be­tween Pak­istan In­ter­na­tional Bulk Ter­mi­nal and In­ter­na­tional Fi­nance Cor­po­ra­tion in Karachi. Seen in the pic­ture: Capt. Haleem A Sid­diqui, Chair­man, PIBT, Dim­itris Tsit­sir­a­gos, Vice Pres­i­dent, IFC,

Sign­ing cer­e­mony of the In­vest­ment Agree­ment for the con­struc­tion of Pak­istan’s first mech­a­nised mul­ti­pur­pose non-food dry bulk cargo Ter­mi­nal at Port Qasim was held be­tween Pak­istan In­ter­na­tional Bulk Ter­mi­nal Lim­ited (PIBT) and In­ter­na­tional Fi­nance Cor­po­ra­tion (IFC), a mem­ber of the World Bank Group, on June 7, 2012 in Karachi.

The sign­ing of the In­vest­ment Agree­ment of US $19.0 mil­lion was ex­e­cuted by Capt. Haleem A. Sid­diqui, Aasim A. Sid­diqui and Dim­itris Tsit­sir­a­gos.

In his wel­come speech, Aasim A. Sid­diqui, Manag­ing Di­rec­tor, Marine Group of Com­pa­nies, high­lighted the im­por­tance of the con­tri­bu­tions made by IFC in Pak­istan ports. The new Ter­mi­nal will be a state-of-theart mul­ti­pur­pose dry bulk cargo han­dling fa­cil­ity to be built at an es­ti­mated cost of US $185 mil­lion at Port Qasim on a Built Op­er­ate and Trans­fer (BOT) ba­sis. The Project is expected to be op­er­a­tional by 2015, with a ca­pa­bil­ity of han­dling up to 12 mil­lion tonnes per an­num of dry bulk cargo.

The project will im­prove ef­fi­ciency, ca­pac­ity and flex­i­bil­ity in cargo han­dling and re­duce the cost and time of cargo han­dling in the coun­try that will in turn boost the eco­nomic growth of Pak­istan. PIBT in line with the vi­sion of Marine Group of Com­pa­nies, will be the lead­ing cargo han­dling and lo­gis­tics Group in Pak­istan and will meet the grow­ing de­mands of the sec­tor in the coun­try. It will boost eco­nomic ac­tiv­i­ties; and will im­prove the trans­port and lo­gis­tics in­fra­struc­ture by im­ple­ment­ing in­ter­na­tional stan­dards of ef­fi­ciency and en­vi­ron­men­tal safety.

Speak­ing on the oc­ca­sion, Dim­itris Tsit­sir­a­gos, IFC Vice Pres­i­dent for Europe, Mid­dle East and North Africa, said, “While Pak­istan has strong po­ten­tial for growth, it is suf­fer­ing a lack of ad­e­quate in­vest­ment in in­fra­struc­ture.” He fur­ther said, “This project will fa­cil­i­tate growth in in­ter­na­tional trade for Pak­istan, sup­port­ing the coun­try’s eco­nomic de­vel­op­ment.”

While talk­ing to the me­dia, Capt. Haleem A. Sid­diqui, Chair­man, Marine Group of Com­pa­nies, said IFC was sup­port­ing the con­struc­tion of Pak­istan’s first mul­ti­pur­pose non­food dry bulk cargo Ter­mi­nal at Port Qasim. He stressed that IFC’s par­tic­i­pa­tion as an eq­uity share­holder with a Pak­istani firm shows the growth of trust and con­fi­dence that the In­ter­na­tional lenders have shown in Pak­istan.

He fur­ther added that PIBT is in the process of de­vel­op­ing a man­groves re­for­esta­tion plan in col­lab­o­ra­tion with the In­ter­na­tional Union for Con­ser­va­tion of Na­ture (IUCN) on an area of 500 hectares in the coastal area of Port Qasim, to im­prove marine ecol­ogy which is in com­pli­ance with the ap­pli­ca­ble laws and reg­u­la­tions of Pak­istan, IFC’s per­for­mance stan­dards and the World Bank Group En­vi­ron­men­tal Health and Safety guide­lines.

Present at the cer­e­mony were Vice Ad­mi­ral (R) Muham­mad Shafi HI (M), Chair­man, PQA, As­lam Hayat, Chair­man, KPT, dig­ni­taries, peo­ple from the busi­ness community and rep­re­sen­ta­tives of print and elec­tronic me­dia.

The spon­sors of PIBT, the Marine Group of Com­pa­nies, have the dis­tinc­tion of set­ting up in the past the coun­try’s first pub­licly listed port in­fra­struc­ture project the Pak­istan In­ter­na­tional Con­tainer Ter­mi­nal Ltd (PICT) that cur­rently han­dles around thirty per­cent of Pak­istan’s con­tainer through­put.

The Marine Group of Com­pa­nies seeks to ex­plore other in­fra­struc­ture projects in Pak­istan and presently the group is con­sid­er­ing par­tic­i­pa­tion in the pub­lic pri­vate part­ner­ship projects in­tro­duced by the Pak­istan Rail­ways to im­prove the rail­way in­fra­struc­ture and to in­vest in lo­co­mo­tives rolling stock to op­er­ate cargo trains from Karachi to up coun­try and back. For this pur­pose, Premier Mer­can­tile Ser­vices (PMS) – a Marine Group com­pany, has signed an agree­ment with the US Trade and De­vel­op­ment Agency to study the fi­nan­cial and op­er­a­tional fea­si­bil­ity. The US Con­sul Gen­eral in Karachi, on be­half of USAID and Capt. Haleem A. Sid­diqui have re­cently ex­e­cuted this agree­ment.

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