International Finance Corporation (IFC), an arm of World Bank, is investing $45.5m in equity and loan to support the construction of a new cargo terminal at Pakistan's Port Qasim, Seatrade Asia online reports.
Karachi-based Pakistan International Bulk Terminal will build and operate the terminal under a 30-year concession.
The $185m project, expected to be completed by 2015, will have the capacity to handle up to 12m tonnes per year of dry bulk cargo.
“The terminal will help improve the country's transport and logistics infrastructure by implementing international standards of efficiency in cargo handling,” said Haleem Siddiqui, chairman of Pakistan International Bulk Terminal.
The terminal will be the first non-food dry bulk cargo to meet rigorous international standards for efficiency and environmental safety, according to IFC.
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