CCoIGCT agreed after discussion under chair of Interim Federal Minister for Finance Dr Shamshad Akhtar that recommendations of previous CCoIGCT regarding outsourcing of operations of Bulk and General Cargo terminal East Wharf at Karachi Port may be submitted to the current Federal Cabinet for approval.
On August 9,2023 the CCoIGCT ( Cabinet Committee on Inter-Governmental Commercial Transactions) was 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 then finance minister Ishaq Dar and 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.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 that meeting.
