Islamabad, January 06, 2021 (PPI-OT): Japan approves disbursement of over Rs.1 billion
The Government of Japan has approved the disbursement of Rs.1,048,610,000 in total from the Counter Value Fund to support the “Korangi Fisheries Harbour Project” in response to the request made by the Ministry of Maritime Affairs of Pakistan. The Embassy of Japan issued a Note Verbale for the approval on January 6, 2021.
Promote fisheries industry and seafood export
This project consists of three components: (1) Modification of the Auction Hall, (2) Establishment of Cold Storage and Freezing Tunnels, and (3) Establishment of a Business Park. By improving the existing auction hall along with installing cold storage and freezing facilities, much fresher seafood will be available in the local market. In addition, the establishment of a business park will help improve the food processing chain and increase the value of processed seafood. As a result, it is expected to increase the income of local fishermen, promote the fisheries industry and expand exports to the overseas market.
H.E. MATSUDA Kuninori, Ambassador of Japan expressed his hope that through this project, Pakistan’s fishery industry will be able to play a leading role to earn foreign currency in the future. He added, “Honourable Prime Minister Imran Khan declared the year 2020 as the year of the Blue Economy. It’s my pleasure to be able to support Pakistan’s blue economy policy in terms of promoting the fisheries industry and the marine food processing chain.”
What’s Counter Value Fund?
The Counter Value Fund is an official development fund mutually administered by the Governments of Japan and Pakistan. It is generated from the Non-Project Grant Aid that Japan has provided to Pakistan and deposited in the local currency. It can be used for public sector development projects requested by the Government of Pakistan subject to approval by the Government of Japan. A total of Rs.4,934 million has been distributed from the fund to 17 projects approved since 2004.
For more information, contact:
Embassy of Japan in Pakistan
53-70, Ramna 5/4, Diplomatic Enclave 1,
Islamabad 44000, Pakistan