Karachi, Pakistan, June 11, 2012—IFC,
a member of the World Bank Group, is supporting the construction of a state-of-the-art
cargo terminal at Karachi's Port Qasim, a project expected to boost trade
and improve Pakistan's infrastructure.
IFC will invest $19 million in Pakistan
International Bulk Terminal (PIBT), the Karachi-based company that will
build and operate the terminal under a 30-year concession At the outset,
the terminal will be capable of handling over 9 million tons of cargo annually.
"This project is important for
the continued economic development of the country,” said Haleem Siddiqui,
Chairman of PIBT. “The terminal will help improve the country’s transport
and logistics infrastructure by implementing international standards of
efficiency in cargo handling."
The terminal will be the first non-food dry bulk cargo to meet rigorous
international standards for efficiency and environmental safety.
"Pakistan's growth has been hampered
by a lack of private investments in infrastructure," said Dimitris
Tsitsiragos, IFC Vice President for Europe, Middle East and North Africa.
"This project will help reverse that trend, making it easier for companies
to trade both nationally and internationally, thus spurring economic development."
The terminal is expected to be completed
by 2015. It is part of IFC's efforts in Pakistan to support the development
of the country's private sector. During the last three years, IFC has ramped
up its investments and advisory services work, providing access to finance
for smaller businesses while supporting key infrastructure projects, including
wind farms and hydropower plants.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, providing
advisory services to businesses and governments, and mobilizing capital
in the international financial markets. In fiscal 2011, amid economic uncertainty
across the globe, we helped our clients create jobs, strengthen environmental
performance, and contribute to their local communities—all while driving
our investments to an all-time high of nearly $19 billion. For more information,