An new container terminal planned by American President Lines (APL) of the US and International Container Terminals of the Philippines has gained approval from the governments Board of Investment. Karachi Port Trust evaluated the proposal and a formal agreement signing is expected before the end of April.

APL says it is now in the process of an anging finance for the scheme with Bank of America acting as financial adviser. Muslim Commercial Bank and Standard Chartered Markets, both local, have submitted proposals to act as finance arranger, which are now being evaluated.

The terminal will cost an estimated $80 million and will be on a build-operatetransfer (BOT) basis. On completion, it will be able to handle 450,000 20-foot equivalent units (TEU) a year. A local contractor has been appointed on a preliminary basis to carry out the civil works. A contract will be finalised after finance has been arranged (MEED 26:1:96).