Pages

25 April 2015

Game Changer: China's Massive Economic March into Pakistan

April 23, 2015

The China-Pakistan Economic Corridor (CPEC) is nothing short of a “fate changer,” said Pakistani Federal Minister Ahsan Iqbal, the man behind the historic project. The excitement appears to be mutual, as China has shown equal enthusiasm for the project throughout a two-day visit by Chinese President Xi Jinping to Islamabad, which culminated on Tuesday.

Over 51 agreements and MoUs were signed between the two countries worth over US$46 billion, the largest ever investment in the history of Pakistan by any country.

The major component of the CPEC includes power projects worth US$35-37 billion for energy-starved Pakistan, and massive infrastructure development throughout the country through concessional loans of US$7–8 billion, with the lowest interest rates in the international market. A chunk of the investment will be used for the development of a 3000km rail, road, and oil pipeline network stretching from Kashgar in China all the way down to Gwadar port on the Arabian sea, operated by the state-owned China Overseas Port Holding Company.

No comments:

Post a Comment