International Bank for Reconstruction and Development (IBRD) will provide US$125 million for Karachi Port Improvement Project at the end of current fiscal year to replace the lost port capacity and reduce shipping costs to the Pakistan economy through the reconstruction of the failed berths, Business Recorder reported.
According to project report on "Karachi Port Improvement Project", prepared by Simon Ellis, Senior Transport Economist of World Bank (WB), measurement of the Project Development Objective (PDO) will be through reduced ships' waiting times, the reduction of ship time at berth and lower overall shipping costs.
The immediate beneficiaries will be importers and exporters of bulk and general cargoes-especially coal, fertilizers, wheat, cement, clinker and rice-which include government agencies and private companies.
WB report mentioned that the Berths 10 - 17 at Karachi Port are currently unfit for service and need reconstruction. The estimated cost of all civil works related activities is $220 million including civil works, contingencies and supervision of works.
KPT is currently in discussions with IFC to provide an IFC-IBRD sub-national loan of $60 million towards the construction of berths 10 - 14. These berths are already under construction and are scheduled to be completed by September 2010.
KPT has also approached the Bank to finance $115 million towards the reconstruction of berths 15 - 17.
According to project report on "Karachi Port Improvement Project", prepared by Simon Ellis, Senior Transport Economist of World Bank (WB), measurement of the Project Development Objective (PDO) will be through reduced ships' waiting times, the reduction of ship time at berth and lower overall shipping costs.
The immediate beneficiaries will be importers and exporters of bulk and general cargoes-especially coal, fertilizers, wheat, cement, clinker and rice-which include government agencies and private companies.
WB report mentioned that the Berths 10 - 17 at Karachi Port are currently unfit for service and need reconstruction. The estimated cost of all civil works related activities is $220 million including civil works, contingencies and supervision of works.
KPT is currently in discussions with IFC to provide an IFC-IBRD sub-national loan of $60 million towards the construction of berths 10 - 14. These berths are already under construction and are scheduled to be completed by September 2010.
KPT has also approached the Bank to finance $115 million towards the reconstruction of berths 15 - 17.