• PNG Business News

Project’s scope delays work

The multi-billion kina Pacific Marine Industrial Zone (PIMZ) in Madang will come under the Special Economic Zone project, with the Government to sign a Chinese Exim Bank loan agreement for the project.

Paita said that there had been delays due to the scope of works being changed.

“The thing with Chinese Exim Bank agreements is that once a scope of work is changed, a new agreement has to be made again,” he said.

“The project was initially under the Commerce Department and was recently moved to the Finance Department.”

“We are currently taking stock of what we have and what we should include in the new scope of work and then we will sign a new agreement with the Chinese Exim Bank,” he said.

Meanwhile, the National Executive Council has endorsed a board to administer special economic zone projects.

Former Prime Minister Peter O’Neill told Parliament in January that the management of the project would be transferred to the Madang provincial government.

He said Madang had enormous potential and the project was to create a regional tuna processing hub for the Pacific region, create jobs and assist small-medium businesses in Madang and PNG.

The PMIZ project was established 16 years ago and it was understood that about K1 billion used so far for a project that has nothing to show for.

The project would host 10 tuna processing plants and generate 30,000 jobs once fully developed.


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