Karachi, Pakistan, June 11, 2012—
IFC, a member of the World Bank Group, is supporting the construction of a state-of-the-art cargo terminal at Karachi's Port Qasim, a project expected to boost trade and improve Pakistan's infrastructure.
IFC will invest $19 million in Pakistan International Bulk Terminal (PIBT), the Karachi-based company that will build and operate the terminal under a 30-year concession At the outset, the terminal will be capable of handling over 9 million tons of cargo annually.
"This project is important for the continued economic development of the country,” said Haleem Siddiqui, Chairman of PIBT. “The terminal will help improve the country’s transport and logistics infrastructure by implementing international standards of efficiency in cargo handling."
The terminal will be the first non-food dry bulk cargo to meet rigorous international standards for efficiency and environmental safety.
"Pakistan's growth has been hampered by a lack of private investments in infrastructure," said Dimitris Tsitsiragos, IFC Vice President for Europe, Middle East and North Africa. "This project will help reverse that trend, making it easier for companies to trade both nationally and internationally, thus spurring economic development."
The terminal is expected to be completed by 2015. It is part of IFC's efforts in Pakistan to support the development of the country's private sector. During the last three years, IFC has ramped up its investments and advisory services work, providing access to finance for smaller businesses while supporting key infrastructure projects, including wind farms and hydropower plants.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
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