Financing Of $750 Million Port Bridge Project: JBIC Awaiting Green Signal From PC

Saturday, September 13, 2008 at 11:47 am under Business News Financing Of $750 Million Port Bridge Project: JBIC Awaiting Green Signal From PC

KARACHI:Japan Bank for International Co-operation (JBIC), which is keen to finance the $750 million Port Bridge project of Karachi Port Trust (KPT), is awaiting clearance from the Planning Commission of Pakistan (PC).

According to official sources in KPT, Japan Bank has expressed its satisfaction over the feasibility report of the cable stay bridge, to be built over the navigational channel at Karachi Port, which would connect the proposed Pakistan Deep Water Container Port (PDWCP) to the Cargo Village at western backwaters and onwards to the Northern Bypass and Lyari Expressway.

“The bank has approved our feasibility study and is ready to finance the bridge, but it is waiting for the concept clearance from the Planning Commission,” said an official in KPT’s Planning and Development Division. When asked about the reason that caused delay in the execution of the project, the official said it was due to a fast changing political scenario and the resultant change of government in the country.

The official said after being cleared by PC the proposals would go to the Economic Affairs Division (EAD) for further deliberations. He, however, made it clear that KPT was determined to ensure a timely completion of the bridge which would be the first of its kind in Pakistan and would be completed within four years.

According to sources KPT has envisaged the bridge to be higher than the San Francisco Golden Gate Bridge with a 68-meter air draft, 300 meter span and approximately six kilometres causeway length. They said this would be for the first time that KPT, which is a profitable semi-government institution, has since long not opted for any loan or grant for port development works, but would now get foreign loan for this project.

KPT had always used its revenues to develop its infrastructure and had embarked upon development of various projects from its own resources, they said. They said the bridge would have two causeways, the first to connect Manora to the Clifton’s Defence area and Sandspit Road, while the other would extend further to pass over western backwaters M/s Leonhardt Andra and Partners of Germany are the engineering consultants for the project.