ISLAMABAD: The Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), Wednesday, approved the recommendations of the negotiating committee subject to condition that the concessioner will pay US$25 million non-refundable/non-adjustable upfront as a goodwill.

The meeting of the CCoIGCT presided over by the finance minister decided that the UAE government-owned firm will pay another US$25 million upfront adjustable against revenue sharing in the next seven years with US$3 million/annum for the first five years and US$ 5 million each in next two years.

Cargo terminal at East Wharf: Negotiation panel told to re-engage with AD Ports

In order to modernise the terminal, the concessioner will start development work from 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.

Earlier, 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. Syed Faisal Ali Sabzwari, Syed Naveed Qamar, Khurram Dastgir Khan, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, secretary Maritime Affairs, Secretary Law and Justice, chairman KPT attended the meeting.

Copyright Business Recorder, 2023