PMIZ Phase 1 funded under a US$95 million soft loan from the China Export Import Bank.

PMIZ ph1

I decided to publish some information about PMIZ where I previously worked from 2006 to 2011.  If you see the picture above, the existing portion of the PMIZ is on the far left hand side of picture with the square field. The rest is forecasted in Phase 1.

The Pacific Marine Industrial Zone (PMIZ) is expected to kick of its detailed engineering design phase in April of this year once the design concept is approved and endorsed by National Fisheries Authority and Department of Commerce and Industry as lead agencies of the Government of Papua New Guinea.

The Detailed Engineering Design will be undertaken by China Shenyang International Economic Cooperation who has been engaged as the General Contractor under a Project Agreement with the Independent State of Papua New Guinea. The first phase of development of the PMIZ will be funded under a US$95 million soft loan from the China Export Import Bank. Phase 2 will cost US$66 million. The total project cost is US$161 million. The Government of PNG is required to put up 20% as equity. GoPNG is required to up K11.6 million as counterpart fund before the loan for Phase 1 can be released.

Detailed Design will take up to 6 months and construction will take 3 years to complete Phase1 of PMIZ.

 

 

 

 

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Jakeman's 10-20

"When the power of love overcomes the love of power, the world will know peace." - Jimmy Hendrix (1942 - 1970)

2 thoughts on “PMIZ Phase 1 funded under a US$95 million soft loan from the China Export Import Bank.”

  1. It must have been an exciting project for you. PMIZ sounds amazing, but it is scary to think how far this project can go, and what benefits will go back to ol ples lain and what other impacts it will have on Lae City long-term. I feel that when you have so much money put up by outsiders, the ownership and the authority is not ours anymore.

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