23356 - PICT II

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Summary of Proposed Investment

Project Number

23356

Company Name

Premier Mercantile Services Limited

Date SPI Disclosed

Nov 12, 2004

Country

Pakistan

Industry

Infrastructure

Projected Board Date

Dec 15, 2004

Status

Completed

Sector

Port and Harbor Operations

Department

Gbl Infrastructure & Natural Resources

Environmental Category

B - Limited

Previous Events

Approved : Dec 23, 2004
Signed : Mar 29, 2005
Invested : May 10, 2006

Project Description

Pakistan International Container Terminal (PICT or the company) has the exclusive rights to develop and operate a common user container terminal at berths 6-9 of Karachi port under a 21-year Implementation Agreement between the company and Karachi Port Trust. The project consists of the implementation of the second phase of a three-phased investment program under the Implementation Agreement. Investments include the acquisition of container handling equipment and the undertaking of civil works to increase PICT’s capacity to accommodate expected traffic levels and improve service.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	6.0
Equity

Development Impact

IFC’s role in the project is to provide long-term financing, which is not available in Pakistan, and catalyze interest from other lenders. The project is expected to increase capacity and improve container handling efficiencies at the Karachi port, which will benefit port users including shipping lines, exporters and importers, through lower transport costs and higher service levels. The efficiency gains should contribute to improve the competitiveness of Pakistani exports and contribute to a better environment for private sector development. This, in turn, will encourage trade volume and contribute to the overall economic growth. The project will also support the government with higher royalty payments and taxes.

This is a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects because a limited number of specific environmental impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.
Location of environmental documents in locally affected community
Environmental documents in the local effected community will be available at the administrative office of PICT: 2nd Floor, Business Plaza Mumtaz Hassan RoadKarachi 74000Pakistan

Contacts

For Inquiries About the Project, Contact

Mr. Sharique SiddiquiPakistan International Container Terminal Limited2nd Floor Business PlazaMumtaz Hassan RoadKarachi 74000Pakistan

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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