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Karachi Port improvement project to get IBRD funds
27 November 2009: The International Bank for Reconstruction and Development (IBRD) is likely to provide $125 million (approx Rs 575 crore) for Karachi Port Improvement Project at the end of this fiscal.
According to project report on "Karachi Port Improvement Project", prepared by Simon Ellis, Senior Transport Economist of World Bank, measurement of the Project Development Objective (PDO) will be through reduced ships' waiting times, the reduction of ship time at berth and lower overall shipping costs. The immediate beneficiaries are likely to be importers and exporters of bulk and general cargoes-especially coal, fertilizers, wheat, cement, clinker and rice-which include government agencies and private companies. The estimated cost of all civil works related activities is $220 million (approx Rs 1,012 crore) including civil works, contingencies and supervision of works.
Karachi Port Trust (KPT) is currently holding talks with IFC to provide an IFC-IBRD sub-national loan of $60 million (approx Rs 276 crore) towards the construction of berths 10 - 14. These berths are already under construction and are scheduled to be completed by September 2010. KPT has also approached the Bank to finance $115 million (approx Rs 529 crore) towards the reconstruction of berths 15 - 17 and related studies which is the basis for this PCN.
Source: Business Recorder