Saturday 30th August, 2014. NEW CBD AND PORT TO MOVE TO MOTUKEA By: Toa Sime It will cost the National Government a massive one-point-one-billion Kina to relocate and develop the Port Moresby Wharf at a new site at Motukea. The Motukea Port is currently owned by Curtain Brothers which has now agreed to sell the facility to the State at 725-million-Kina. The project will be funded through a consortium of locally owned banks, Bank South Pacific and Australia and New Zealand Banking Group. A Letter of Intent was signed between the PNG Ports Corporation, Curtain Brothers and the Independent Public Business Corporation, yesterday, for the acquisition of the Motukea Port facility. Minister for Public Enterprises and State Investments, Ben Micah, who was at hand to witness the historic signing, thanked the two banks for stepping up to ensure the deal came through. Id like to thank the consortium of banks, BSP and ANZ for stepping up to take 1.1-billion-Kina, which is initially K725m for the acquisition of certain portion of existing Motukea and an addition on K400m for developing some of the land at the back for road access, for container terminal. This is a big step up for two of our local banks. Without them we would have been running to the World Bank or some other people which I dont know would have been possible to finance this very large deal. Minister Micah says the Central Business District has reached operational capacity and the decision is a step in the right direction to transforming the city, as well as enhancing the economic growth of the country. He says, the government is also looking at moving Port Moresbys Central Business District towards the west, including the development of the Konebada Petroleum Park. This government has got plans to develop the industrial park at the Konebada Petroleum Park and all the development, I believe Eda Ranu is also taking water and PNG Power is moving power lines towards all the developments that are taking place at the LNG site and the Konebada Petroleum Park. The new company that has just acquired the refinery I believe is also developing big facilities on the other side. And the new investment is part of the moving which is going to shift the CBD towards the west.
Posted on: Sat, 30 Aug 2014 09:47:08 +0000
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