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Chinese President to arrive month: MoUs to be signed on variou infrastructure project
11-20-2014, 12:18 PM
Post: #1
Chinese President to arrive month: MoUs to be signed on variou infrastructure project
Chinese President Xi Jinping is scheduled to arrive in Pakistan by the end of next month (December) and the two countries will sign Memoranda of Understandings (MoUs) on infrastructure development projects under the China-Pak Economic Corridor (CPEC), it is learnt.

The Chinese President postponed his visit to Pakistan due to the ongoing Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) sit-ins in Islamabad. The three-day visit of Prime Minister Nawaz Sharif to China (November 7-10) led to the signing of 19 agreements and MoUs.

According to sources, during the visit of the Chinese President, the agreements would include (i) Karachi-Lahore Motorway, Multan-Sukkur section (375 km) estimated cost Rs 245.983 billion, (ii) Karakorum Highway (Phase II) upgradation and reconstruction from Raikot to Islamabad via Mansehra (486 km) estimated cost Rs 353.96 billion, (iii) New Gwadar International Airport, Rs 7.6 billion and (iv) construction of East-Bay Expressway, Gwadar Port (18.9 Km) worth of Rs 14.8 billion etc.

The funding for these projects would be provided by the China Development Bank, Export-Import Bank of China and other Chinese financial institutions. The projects completion date is end of 2017.

Sources clarified that the two countries were unable to sign MoUs for these projects during the Prime Minister's visit to China as they required more work. Sources said that China wanted to give first priority to Karakorum Highway (phase II) upgradation and reconstruction, from Raikot to Islamabad (486 Km) instead of Karachi-Lahore Motorway. China wants to develop trade corridor through Pakistan to the Gwadar port and therefore wants to accord top priority to upgradation of Karakorum Highway but the Pakistan Muslim League-Nawaz government insists on prioritising Karachi-Lahore Motorway. The two sides reached consensus on implementation of CPEC and on construction projects of roads, railways and ports. To start with Kashgar in Xingjian, Khunjerab, Islamabad, Lahore, Multan, Sukkur, Karachi and Gwadar are selected as the pivot cities.

Copyright Business Recorder, 2014
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