KARACHI – Pakistani authorities gave a nod for the proposed deal with the United Arab Emirates (UAE) to build a bulk and general cargo terminal at port city of Karachi.
The decision was made by Federal Minister for Finance Ishaq Dar who chaired the meeting of the Cabinet Committee on Intergovernmental Commercial Transactions (CCoIGCT).
Earlier, Islamabad formed a committee including law and justice, maritime affairs, and foreign affairs officials to form a draft framework agreement with Abu Dhabi.
In a statement, Finance Ministry said the committee approved G2G draft Framework Agreement for ratification of Cabinet.
Earlier, Abu Dhabi Port inked a 50-year agreement with the Karachi Port Trust (KPT) for handling of one of its port terminals in Karachi, under the terminal, Pakistan International Container Terminal (PICT) has been handed over to AD Ports Group, and Kaheel Terminals to manage operate and develop Gateway Terminal.
Pakistan is expected to see over $200 million in over the first 10 years while it will boost Pakistan-UAE bilateral relations and strengthen trade ties with other nations as well.
Pakistan leases Karachi Port Trust terminal to UAE group for 50 years
