PICT operates a container terminal in the Port of Karachi under a 21-year Implementation Agreement signed in 2002 with the Karachi Port Trust (KPT). The Port of Karachi is the main port of Pakistan and handles about 60% of the country’s container traffic. The company itself is estimated to handle about 21% of the country’s container traffic. IFC has provided three financing packages to Pakistan International Container Terminal Ltd. (PICT) since 2003 to support its development and expansion plans. Although Phase III investments are in progress, in order to further expand its operations to keep up with projected demand growth, PICT is executing Phase IV investments to: - acquire additional container handling equipment, including two ship-to-shore (STS) gantry cranes, ten rubber-tired gantry (RTG) cranes and other equipment (reach stackers, terminal tractors, trailer units, and generator sets); and - complete civil works. The project is estimated to cost $30.7 million and increase PICT’s annual capacity to 750,000 TEUs.