November 29, 2015

K300 million Port Moresby port development financing reached

THE financing of the Government’s K300 million investment in the development and expansion of the new port at Motukea has been closed, according to Bank of South Pacific Ltd.

The bank and PNG Ports Corporation Ltd closed the deal last Friday.
BSP chief executive officer Robin Fleming said “as a proud Papua New Guinea bank  and PNG Ports as a leading State company, have led this landmark transaction for PNG and we will continue to provide solutions to the strategic infrastructure sectors”.

The project involves the expansion of the port’s storage and wharf capacity and allows increased container traffic through Motukea. It will facilitate the movement of PNG Ports from Fairfax Harbour. 

“This project represents a landmark transaction for the State and people of Port Moresby,” he said.
“It will facilitate the development of the central business district and revitalise the downtown precinct.”

Head of specialised lending from BSP Corporate Banking Colm Lynch said: 
“It’s about matching a solution-based approach that meets the complex needs of all stakeholders.  
“We make sure that our proposals have a benefit to the wider community as well as the company undertaking the project.”

BSP Group general manager Corporate Banking Peter Beswick said the bank “has capabilities and financial solutions for local and international companies operating in PNG”.