CPEC investment propelled to 62$ billion from 55$ billion
According to the Governor of sindh, Mohammad Zubair’s announcement China has nodded in approval for some additional financing for the transportation projects in Pakistan under the China-Pakistan Economic Corridor (CPEC), propelling the investment dimensions to $62 billion from $55 billion,.
“New investment has been approved for projects in various sectors including [establishment of] industrial zones,” said Zubair while speaking at a conference on “Infrastructure demand and financing” organised by credit rating agencies Pacra (Pakistan) and Dagong (China).
“We are also in talks to place the Karachi Circular Railway under the CPEC banner,” Zubair stated.
China has been mounting its venture in Pakistan’s transportation and power plans ever since it uncovered its CPEC program who’s initial worth was around $46 billion in the year 2015.
The amount of investments was propelled to $55 billion when Federal Minister of Planning, Development and Reform Ahsan Iqbal, Federal Minister of Railways Khawaja Saad Rafique and chief ministers of provinces paid visits to China about three months ago.
“This [$62 billion investment] is good news. People will bear fruits of the investment,” commented Zubair, who is an active associate of Prime Minister Nawaz Sharif’s interior monetary squad.
A major portion of the multibillion-dollar investment, $34 billion, is reserved for the electricity production and distribution sector.
In accordance to Zubair’s statements, other countries are eager to participate and take roles in the CPEC projects. They possibly will become a part of the development by making investments in industrial sectors, he said.
Furthermore, CPEC projects also have vast indirect profits as well. “Information technology firms from across the globe have arrived in Pakistan as each and every project under China’s investment would require IT assistance.”
Zubair added that China has become one of the world’s emerging economic behemoths by making such huge investments in infrastructural and developmental projects which includes highways, railways, power production and gas pipelines at home.
“We are doing exactly the same thing. CPEC will create massive economic momentum in Pakistan,” he said.