Pakistan finalised $9 billion deal with China for the single largest project of CPEC

The multi billion-dollar Main Line-I (ML-I) project of the China-Pakistan Economic Corridor (CPEC) may soon be back on track as the federal government has finally decided to take around $9 billion loans on its books, which will address a key bottleneck in securing financing for the much-delayed scheme.

The Pakistani authorities have also decided to approve the project as one umbrella scheme instead of granting phase-wise approval, according to the government sources. The Ministry of Railways will now submit the umbrella PC-I document, having an estimated cost of around $9 billion, by October 31 for consideration of the Ministry of Planning, they added.

The status of the ML-I project was also discussed during a meeting between Prime Minister Imran Khan, Chief of Army Staff General Qamar Bajwa, Railways Minister Shaikh Rashid Ahmad and Chinese President Xi Jinping.

The project was discussed in detail during the Joint Working Group (JWG) on transport infrastructure meeting that was held on October 10 and 11 in Islamabad. Pakistan’s Communication Secretary Jawwad Rafique Malik and the Chinese Ministry of Transport Chief Planner Wang Zhiqing co-chaired the meeting. The JWG meeting was held ahead of the upcoming Joint Cooperation Committee (JCC) of the CPEC meeting that will vet these decisions.

Share

Recent Posts

Superman’s cape and Bilbo’s pipe up for grabs in Hollywood auction

Superman's very first cape and Bilbo Baggins' pipe are each forecast to raise $100,000-$200,000 at a blockbuster auction of rare…

10 seconds ago

‘The Aeronauts’ doesn’t exactly soar, but Jones does

Would you like to ride in Eddie Redmayne's beautiful balloon? Tom Harper's "The Aeronauts," starring Felicity Jones and Redmayne, is…

27 seconds ago

Revving up to a new speed record in the Kalahari

A loud hiss rips through the stillness of southern Africa's Kalahari Desert. It sounds like a fighter jet flying low…

8 mins ago

Leonardo hoodie yours for $640 as Louvre cashes in street cred

As an artist, architect and engineer, Virgil Abloh is fashion's renaissance man. Now the hyperactive US designer is measuring himself…

12 mins ago

Traditional Thai massage get UNESCO heritage status

At Bangkok's Reclining Buddha temple, Krairath Chantrasri says he is a proud custodian of an ancient skill -- the body-folding,…

12 mins ago

Maternal diabetes in pregnancy tied to heart disease in adult kids

People whose mothers had diabetes during pregnancy may be at increased risk of developing cardiovascular disease by early adulthood, a…

16 mins ago