ISLAMABAD, Sept 15: The first phase of the mega Gwadar Port project will be completed in three years at a cost of $248 million with the financial and assistance of China.

This was stated by federal communications secretary, Iftikhar Rashid at a meeting at the ministry of communications here on Sunday. He said the first phase will be ready by March 2005.

Mr Rashid, who presided over the meeting, said the Gwadar Port Project has vital significance from economic point of view for the country and said it would be completed in two phases.

He said in the first phase, three multi-purpose berths and a service berth will be constructed which will be capable to handle ships of 30,000 DWT (dead weight tons).

The secretary said world level port facilities will be made available at the Port.

He said, the second phase of the project will comprise 10 additional berths including three dedicated container terminals.

The friendly country, China, was providing financial and technical assistance for the project. He added that the Chinese government has so far provide $198 million for the project.