Dar Chaired Meeting Of CCoIGCT

ISLAMABAD, (UrduPoint / Pakistan Point News - 9th Aug, 2023 ) :Minister for Finance and Revenue Senator Mohammad Ishaq Dar on Wednesday chaired the meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT).

Minister for Maritime Affairs Syed Faisal Ali Subzwari, Minister for Commerce Syed Naveed Qamar, Minister for Power Khurram Dastgir Khan, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Secretary Maritime Affairs, Secretary Law & Justice, Chairman KPT and team and other senior officers attended the meeting.

The CCoIGCT reviewed the recommendations of the negotiation committee which held its deliberation in two sessions on 8th August, 2023, for the development of Bulk and General Cargo Terminal, at Karachi Port.

� The Committee approved the recommendations of the negotiating committee subject to conditions that the concessioner will pay USD$ 25 million non-refundable / non-adjustable upfront as goodwill.

The UAE government-owned firm will pay another US$25 million upfront adjustable against revenue sharing in the next seven years with USD $3 million/annum for the first five years and USD 5 million each in the next two years.

In order to modernize the terminal, the concessioner will start development work in September 2023. It was also decided that all liabilities regarding KDLB will be the responsibility of AD Ports.

The Committee recommended the commercial agreement as amended to the Federal Cabinet for its approval.