HomeBusinessPakistan looks for $2.7 bn loan from China to fund CPEC Projects

Pakistan looks for $2.7 bn loan from China to fund CPEC Projects

Most Read

Pakistan on November 13, said, “It will ask for $2.7 billion in loan from China to fund the construction of Package-I of Mainline-1 project of China Pakistan Economic Corridor (CPEC)”

Quoting to the sources familiar with the development, the Pakistan based newspaper The Express Tribune in its report said, “The Sixth meeting of financing committee in a meeting held on Friday, on ML-1 project has decided that Pakistan would initially request China to sanction $2.7 billion in loan out of the estimated Chinese financing of about $6.1 billion.”

- Advertisement -

“The ML-1 project includes dualization and upgrading of the 1,872 KM railway track from Peshawar to Karachi and in a major milestone for the second phase of CPEC,” The reported said.

“The Ministry of Railways was in favor to seek full financing of $6.1 billion, but it was decided to seek the loan in three tranches due to the loan sustainability concerns,” The report added.

Speaking on the development, Kamran Afzal, Spokesperson for the Ministry of Finance said, “It is the responsibility of the Ministry of Finance to ensure continued and improved debt sustainability and advice of the Ministry of Finance on bankability (of the project) has been given in this context.” 

“The advice given by the Ministry of Finance will improve project feasibility,” Afzal added.

The Ministry of Economic Affairs has been directed to formally send the Letter of Intent to China next week as Beijing is expected to finalize its next year’s financing plans by the end of the current month.

Subscribe To Morning Newsletters

Sign up to receive the latest news stories, exclusive interviews, and more in your inbox.

We don’t spam! Read our privacy policy for more info.

Editor's Pick

Krishna Mali
Krishna Mali
Founder, CEO & Group Editor of TechGraph.

Read More Stories

SKF Showcases Intelligent & Clean Solutions for the Textile Industry at International Textile Machinery Exhibition (ITME) 2022

SKF India, the country's leading technology and solutions provider of bearings and services will showcase innovative products and solutions...

OneRare and Cornitos: Bringing the Magic of Cornitos to the Foodverse

Cornitos is a leader in the Snack category and has always strived to give its fans and patrons the...

Chitkara University Signs MoU with NEC Corporation India to Transform Learning in the Field of AI/ML

Chitkara University announced its collaboration with NEC Corporation India, a wholly owned subsidiary of NEC Corporation, for a comprehensive...

Role of skills-based hiring in promoting inclusive economic growth in India

In recent years, India's employment landscape has experienced a profound shift, with an increasing emphasis on skills-based hiring. This...

Global Cryptocurrency Regulations: Impact on Industry and Investor Behavior in 2024

The world of cryptocurrency has seen remarkable growth and evolution since its inception, transitioning from obscure digital assets to...

Interview: Modernizing Field Sales Operations With Delta Sales App Director Ekta Golchha

Speaking with TechGraph, Ekta Golchha, Founder and Director of Delta Sales App underscores the app's innovative role in optimizing...