Tuesday, July 23, 2013

Pohnpei Seaport seeks funding for facility upgrade: $17.1 million project

FSMIS (July 23, 2013): On the 19th of July, FSM President Manny Mori transmitted to Congress a loan package for Pohnpei State in the total amount of $17.1 million for the upgrade of the Pohnpei Seaport facilities in Dekehtik.

The proposed project aims at accessing $16.4 million concessional loan from the Asian Development Bank (ADB). $0.7 million is to be sourced by Pohnpei State.

The project will lengthen the current 328-meter seaport by another 173 meters to ease congestion and create capacity to accommodate more commercial ships. Specifically, it will avail new passenger terminal, transport interchange and a port control room. Additional navigation aids, separate access for cargo handling as well as access for persons with disabilities will be put in place.

"This project will further bring the Pohnpei port in compliance with International Ship and Port Security (ISPS) Code as a result of improved services and facilities", President Mori indicated in his July 19 communication to Congress.

Pohnpei State packaged the project as part of economic development and capital improvement endeavors for which the Governor has been authorized by the State Legislature to negotiate loan packages on the credit of the State.

For the purposes of project, the FSM Congress has been requested to grant an authorization for the  President to "execute a sovereign guarantee with the State of Pohnpei and the Asian Development Bank" pursuant to Article IX of the FSM Constitution, guaranteeing repayment of the project loan.

The ADB requires a sovereign guarantee from the FSM National Government as a condition for approving the loan.

The FSM National Government is currently guaranteeing an ADB-loan for Yap State for the Yap State Renewable Energy Project.

For more information, please email fsmpio@mail.fm. or contact the Pohnpei Port Authority.

1 comment:

  1. hi..if you are working on legal and high quality project then we can provide you project loan at cheap instllments