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China Plans $3.5 Billion Investment in Pakistan’s Karachi Port

Pakistan’s Ministry of Maritime Affairs at the annual joint meeting of the China Pakistan Economic Corridor (CPEC), on September 26th, announced major investment plans by the Chinese government for the development of the Karachi Coastal Comprehensive Development Zone, or KCCDZ. The project aims to develop a modern port city in coordination with the Karachi Port Trust.

China Plans $3.5 Billion Investment in Pakistan's Karachi Port

Karachi port in FleetMon Explorer

Unlike previous deals under the CPEC which included monetary loans for development projects, the new agreement involves direct equity investment worth $3.5 billion. The KCCDZ plans to establish various infrastructure facilities on 1500 acres of underutilized land owned by the Karachi Port Trust, to support residential, commercial, and seaport activities.

According to the details released at the joint meet, the KCCDZ scheme will build mid to high-rise buildings on land currently occupied by a densely populated slum often referred to as the Machar colony or Fishermen colony.

These unplanned settlements are inhabited by approximately 20,000 to 25,000 families of fishermen who currently earn their livelihood at the fishing harbor located on the port’s West Wharf, lacking any form of modern technical facilities and assistance. At the event ministry officials clarified that the development scheme will include assistance for the resettlement of more than 150,000 people living in the Machar colony.

News) PAKISTAN- Karachi Port Trust (KPT) ships movement and cargo handling  report. - REGIONAL MARITIME INFORMATION FUSION CENTER

The briefing also emphasized plans to transform the local fishing harbor into a state-of-the-art fishing port along with the establishment of a fisheries export processing zone all in a combined effort to develop a new waterfront commercial district.

Lastly, the project aims to connect the new commercial district with the container terminals at the port through a harbor bridge across the Baba Channel, along with the addition of four new ship berths at the recently reclaimed peninsula at the harbour.

Ali Zaidi asks Bilawal to stop making immature statements - Daily Times

 

Minister Syed Ali Zaidi said, “The KCCDZ will unlock Pakistan’s unexplored Blue Economy and significantly enhance development and industrial cooperation between the two brotherly countries,”. He also expects the KCCDZ project to be completed within the next five to six years.

Karachi Port Improvement Project - Maritime & Transport Business Solutions

Karachi Port Trust(KPT)

Karachi Port Trust (KPT)  is a federally administered public sector organization that oversees operations of Karachi Port. It is responsible to the Ministry of Maritime Affairs of the Islamic Republic of Pakistan but exists and operates as a Trust working under a Board of Trustees legally separate from the Federal Government. Between 1880 and 1887, Karachi Port was administered by Karachi Harbour Board. Karachi Port Trust was then established by the Act-IV of 1886, effective from 1 April 1887.

The Karachi Port is administered by a Board of Trustees, comprising of the Chairman and 10 Trustees. Chairman is appointed by the Federal Government who is also the Chief Executive Officer of Karachi Port Trust. The remaining 10 Trustees are equally distributed between the public and private sectors. The public sector Trustees are appointed and private sector trustees are elected for two years (extendable for public sector trustees)

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