|
| Description of company and purpose of project |
| Pakistan International Container Terminal (PICT or the company) has the exclusive rights to develop and operate a common user container terminal at berths 6-9 of Karachi port under a 21-year Implementation Agreement between the company and Karachi Port Trust. The project consists of the implementation of the second phase of a three-phased investment program under the Implementation Agreement. Investments include the acquisition of container handling equipment and the undertaking of civil works to increase PICT’s capacity to accommodate expected traffic levels and improve service. |
|
| Project sponsor and major shareholders of project company |
| The largest shareholder (41%) and primary project sponsor is Premier Mercantile Services Ltd. (PMS), one of the largest stevedoring companies in Pakistan. The company is listed on the Karachi Stock Exchange. |
|
| Total project cost and proposed IFC investment |
| The total project cost is estimated at $17 million. The proposed IFC investment is a $6 million A Loan for IFC’s own account. |
|
| Location of project and description of site |
| The proposed container terminal is located at berths 6-9 on the east wharf of the Karachi Port. It has a quay wall of 600 meters and a dedicated container terminal of 22 hectares. Karachi Port is the main Pakistani port, accounting for about 60% of the country's container traffic. The most important hinterland regions of Karachi Port are the city itself and the province of Punjab. |
|
| Project Development Impact and IFC's Role |
| IFC’s role in the project is to provide long-term financing, which is not available in Pakistan, and catalyze interest from other lenders. The project is expected to increase capacity and improve container handling efficiencies at the Karachi port, which will benefit port users including shipping lines, exporters and importers, through lower transport costs and higher service levels. The efficiency gains should contribute to improve the competitiveness of Pakistani exports and contribute to a better environment for private sector development. This, in turn, will encourage trade volume and contribute to the overall economic growth. The project will also support the government with higher royalty payments and taxes. |
|
| Environmental and social issues - Category B |
This is a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects because a limited number of specific environmental impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.
To view the environmental documents for this project, click here |
|
| Location of environmental documents in locally affected community |
| Environmental documents in the local effected community will be available at the administrative office of PICT: 2nd Floor, Business Plaza Mumtaz Hassan Road Karachi 74000 Pakistan |
|
| To contact the project company, please write to: |
| Mr. Sharique Siddiqui Pakistan International Container Terminal Limited 2nd Floor Business Plaza Mumtaz Hassan Road Karachi 74000 Pakistan |
|