PMIZ is situated close to RD Tuna Cannery at Vidar, Madang Province.
This project will be developed on 215 hectares of land.
100 hectares is designated to host canneries and 115 hectares for residential and commercial purposes.
The project was delayed for five years because of Court proceedings instigated by landowners.
In a statement today Trade Minister Richard Maru said "the PMIZ concessional loan has been extended by the China Exim Bank to pave way for the construction of the PMIZ project to start.
"Maru's ministry will be the lead implementing agency for the project."
"The project was initiated in 2006 by the National Fisheries Authority and Fishery Industry Association."
It will be funded by the National Governement and Exim Bank of China with the state holding 22 percent and financier 78 percent per the 2011 agreement.