KARACHI, Sept 5: Asian Development Bank (ADB) has identified a piece of land near Pakistan Refinery for the setting up of combined effluent treatment plant (CETP) in Korangi industrial area. The City Nazim is willing to allot a piece of land measuring 70-acres, provided a private limited company is formed by the KATI which would be responsible to raise funds to finance the project and manage its affairs.

This was stated by the ADB mission leader Rune Stroem, during a meeting with the office bearers of Korangi Association of Trade & Industry (KATI) on Friday.

He said that procurement of land could be had by outright purchase or on the basis of long term lease or at discounted price as per terms and conditions mutually agreed between the proposed private limited company under the control of KATI and the City Government.

The mission leader briefed the businessmen about the discussions he had with federal government, Sindh government and City Nazim on the subject of establishing six combined effluent treatment plants in selected high priority industrial estates, Korangi industrial area being one of them.

He said the setting up of the combined effluent treatment plant in Korangi industrial area was important, in view of the fast approaching reality of the terms and conditions of WTO becoming effective from January 1, 2005.

He said that he had fruitful meetings with the authorities of the federal and provincial governments and City Nazim and all of them were very supportive to the idea.

Stroem disclosed that ADB would make $100 million loan available to the federal government on easy terms for the purpose which would in turn, disburse the funds through PICIC for which, the financing mechanism is yet to be finalized.