The intergovernmental framework agreement has been finalised to create favourable conditions for the operations, maintenance, upgrading, investment, development, and advancement of the container terminal at Berths 6 to 9, East Wharf, Karachi Port Trust.
Under the chairmanship of Finance Minister Ishaq Dar, the cabinet committee met for the second consecutive day to explore avenues for raising funds after a pending deal with the International Monetary Fund (IMF).
Pakistan aims to reach a deal to hand over the terminals to Abu Dhabi Ports (ADP), a subsidiary of the Abu Dhabi Ports Group. The UAE government expressed interest in acquiring the Karachi port terminals, which were under the administrative control of the Pakistan International Containers Terminals (PICT) last year.
The finance ministry stated that the CCoIGCT considered a summary of the Ministry of Maritime Affairs regarding the framework agreement between the governments of the UAE and Pakistan, aiming to further strengthen relations between the two countries in the maritime sector.
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