ISLAMABAD – Pakistan and China decided will speed up the implementation process of Gwadar projects under the Pakistan-China Economic Corridor, a project for which China has committed $45.6 billion to launch energy and infrastructure projects in Pakistan.
The decision was made during a meeting held between officials of both the countries in Islamabad. Led by Wang Jing Chun, a nine-member Gwadar sub-working group reached the capital and met with Planning Minister Ahsan Iqbal. In the light of decision taken during Gwadar Working Group meeting, approval process of Gwadar projects has been expedited and ECNEC has approved Eastbay Expressway and the New Gwadar International Airport projects.
The Chinese government and banks will finance Chinese companies to build $45.6 billion worth energy and infrastructure projects in Pakistan over the next six years, according to new details of the deal. The Chinese firms will be able to operate the projects as profit-making entities, according to the deal signed by Prime Minister Nawaz Sharif during a visit to China earlier this month.
Both the countries consider each other close friends. Their ties are underpinned by common wariness of India and a desire to hedge against U.S. influence in South Asia. China has promised to invest around $33.8 billion in various energy projects and $11.8 billion in infrastructure projects.
