SHAFAQNA PAKISTAN (Shia News Agency)
Pakistan has completed all the preparations for two-day state visit of Chinese President Xi Jinping to Pakistan. As per details, Chinese President would sign a number of important agreements and MoUs regarding energy conservation, infrastructure development, economy related and communication enhancement. Pakistan would sign a number of important agreements and MoUs regarding energy conservation, infrastructure development, economy related and communication enhancement. Pakistani officials estimate that China will commit $46 billion to the China-Pakistan Economic Corridor (the name for this collection of projects). China’s former ambassador to Pakistan recently corroborated these reports to Xinhua, noting that ”the China-Pakistan Economic Corridor (CPEC) will be high on the agenda” during Xi’s visit. CPEC is a comprehensive plan that includes energy, road and rail infrastructure and other projects. The overall size of the investment package is around $ 50 billion, of which $ 35-37 billion will be for energy, and $ 8-9 billion concessional loans for infrastructure such as roads, ports and railways. The energy projects will be in the hands of local Independent Power Producers (IPPs) and the total output once these projects are completed will be 16,500 MW. Coal power projects (including Thar) will be completed in three years, green energy projects from solar and wind in 6-12 months. It is beyond question that the China-Pakistan Economic Corridor will be a game changer for Pakistan, the region, and the world. The old Silk Road will be resurrected in the form of a new Silk Road and even a Maritime Silk Road, which will link this region to the world, east and west.
If Pakistani reports are true and Xi does depart for Indonesia having left behind assurances of$46 billion in Chinese financing and grants for Pakistani projects, the development would be nothing short of a sorely needed miracle for Pakistan, which endures major deficiencies in its energy and transportation infrastructure.
pakistan.shafaqna.com
