The Pacific Marine Industrial Zone is not a con project, says State Enterprise Minister William Duma.
He was responding to question from Madang Governor Jim Kas in Parliament this afternoon.
The project will be developed on 215 hectares of land will be funded by the National Government and Exim Bank of China, with the State holding 22 percent and financier 78 percent per the 2011 agreement.
Kumul Consolidated Holdings will hold the States interest.
PMIZ will house 10 fish processing factory and employ 30,000 people when it’s fully developed.
Madang MP and Minister for Transport and Infrastructure, Nixon Duban early this month told the Madang Provincial Assembly that the second phase of PMIZ cost t $US156 million (K493 million).
He told the provincial assembly that the first phase of the PMIZ project costing $US 300 million had been completed, however, work has slowed down a little as the contractor had to re-look at the design aspects of the work done.
Picture: File picture of the PMIZ launching last year.