THE INDEPENDENT Public Business Corporation has signed a memorandum of understanding (MOU) with the Anglican Church of Papua New Guinea to develop land in the Central Business District (CBD) of Port Moresby.

The MOU was the first step to establishing a joint venture that would develop the site, located adjacent to the Grand Papua Hotel.

According to the IPBC, the proposed joint venture has been titled the Twin Tower Joint Venture Project and is part of a broader future vision of Port Moresby, which includes the IPBC Port Relocation Project that will see the relocation of the existing port facilities to Motukea by 2018.