PNG Ports to Invest K1.5B In Infrastructure

By: PNG Business News October 24, 2022

Photo: PNG Ports Corp

According to acting chief executive Rodney Begley, PNG Ports Corporation Ltd. is spending K1.5 billion on port infrastructure around the nation.

Lae's major dock and tidal basin will get K470 million in investments to become an international freight centre.

Begley said that Lae was of interest to the port authorities because 9.9 million tonnes of freight, or 400,000 complete containers, was landed there each year.

He claimed that the Australia Infrastructure Financial Facility for the Pacific granted them a soft (concessional) loan (AIFFP).

“We negotiated a soft loan of US$365 million (about K1.28 billion) that comes with a grant component of US$70 million (about K246.47 million) — around K1.5 billion will be spread across the country,” he said.

The Lae tidal basin has a budget of about K470 million.

“The aim is to make Lae an international freight hub of the (region),” Begley said.

Robert Maxwell, the chief executive of International Container Terminal Services Inc (ICTSI) South Pacific, stated that the business will assist the investment by delivering two new ship-to-shore cranes from Shanghai, China, valued at K105 million.

“We’ve three mobile habour cranes in operation, but by January, the two ship-to-shore cranes will be installed at the Lae tidal basin.”


Reference: The National (14 October 2022). “K1.5bil for port infrastructure nationwide”. 

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