The long delayed multi-billion Kina Pacific Marine Industrial Zone (PMIZ) project construction phase will start this month.
This followed the presentation of the “full commencement order” by the Minister for Trade, Commerce and Industry Richard Maru to the contractor, China Shenyang International Corporation (PNG) Limited today in Port Moresby.
Maru said: “After a period of ten years since its inception, the PMIZ project will now see the beginning of the construction with the support of the current Government.”
The delay was because of Court proceedings instigated by NGO’s supporting disgruntled landowners.
The PMIZ project will be located close to RD Tuna Cannery at Vidar in Madang Province.
This project will be developed on 215 hectares of land.
The PMIZ project is 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.
“The $ US 95 million is an Exim Bank concessional loan, we have to utilize and with the delay we have to reapply through the Treasury to protect the money, and (now) we can draw down the fund,” John Andrias, secretary Trade Commerce and Industry said.
He added that the delay with the start of the project will see an increase from the initial cost of agreement signed six years ago.
PMIZ will house 10 fish processing factory and employ 30, 000 people when it’s fully developed.
Caption: File picture of the lunching of the PMIZ project in November 2015 in Vidar, Madang.