960404

Banking services

at Gwadar Port:

KPT, NBP sign

agreement

KARACHI: The President, National Bank of Pakistan, M.B. Abbasi, and the Chairman of the Karachi Port Trust Rear Admiral (R) Akbar H. Khan (who is also the Chairman of Gwadar Implementation Committee) on Thursday signed an agreement to provide extensive banking operations for the speedy development of the Gwadar Port Project as desired by Prime Minister Benazir Bhutto.

Under this agreement, the KPT would operate an account at the NBP Gwadar Branch, specially for the Gwadar Port development, and meet its banking needs. The development of the Gwadar estimated to cost $179 million in Phase-I has been undertaken by the government to provide an alternative port and economical access to sea for the inbound and outbound trade, serving cargo generating areas of Northern Pakistan and for initiating economic development of Balochistan. A major public sector company has already committed to contribute Rs 500 million for development of the port. Besides, some other public sector bodies and foreign loan giving agencies would also be contributing to development efforts already approved by the ECC of the Cabinet. Some Omani businessmen have also shown interest in making an investment in the project.

The Gwadar Port development project is a part of the port development plans to be undertaken outside Federal Government ADP, as per decisions taken at the Cabinet meeting held in October 1995 under the chairmanship of the Prime Minister.

The development of Gwadar would serve shipping and industrial facilities for trades with over 20 countries, including Central Asia States, Gulf, East Africa, Red Sea countries and North Western India.

The signing-in ceremony at the NBP Head Office was attended by the bank's Senior Executive Vice President R.A. Kaleemi, Hamid H. Siddiqui, Mozaffar Iqbal and the General Manager Planning & Development of the Karachi Port Trust Farooq Chaudhry.