October 28, 2022
1 min read

Pakistan, China reach deal on $10 billion railway project

During the meeting, Pakistan assured China of taking several initiatives for the security of Chinese working under CPEC projects…reports Asian Lite News

Pakistan and China have agreed to execute the Mainline-1 (ML-1) railway project at an estimated cost of $10 billion.

The Joint Coordination Committee (JCC) also decided to undertake business-to-business deals under the China-Pakistan Economic Corridor (CPEC), The News reported.

Pakistan will also request for the rollover of deposits and rescheduling of its $27 billion debt.

During the meeting, Pakistan assured China of taking several initiatives for the security of Chinese working under CPEC projects.

Both sides have agreed to expand their cooperation in information technology and it was decided that Chinese companies will establish research centres in Pakistan to explore new avenues in this sector.

China-Pakistan Economic Corridor (CPEC) (Xinhua_IANS)

Pakistan and China held the 11th JCC meeting virtually but both sides could not sign the minutes of the meeting.

It was expected that the minutes of the meeting will be signed during the upcoming visit of Prime Minister Shehbaz Sharif who, along with a high-powered delegation, will be visiting China from November 1, The News reported.

The CPEC meeting was held in Islamabad with both sides expressing satisfaction over the ongoing projects under CPEC while several other projects were proposed.

The meeting was co-chaired by Planning Minister Ahsan Iqbal, and Vice Chairman National Development & Reform Commission (NDRC), China, Lin Nianxiu.

Under the leadership of PM Shehbaz, CPEC has emerged as the topmost national priority, said the Minister, in his welcome address.

The meeting was also informed that another 3,100 MW, which has achieved 90% milestone for FC (700 MW Azad Pattan HPP, 1,124 MW Kohala Hydel Project and 1,320 MW Thar Coal Block-I), will be finalised at the earliest so as to get closer to the envisaged target of 1,7000 MWs.

The projects in motorways and highways of around 888km were also highlighted to be constructed with both Chinese and local financing (another 853km under construction through local financing).

The KKH-Thakot-Havelian, one of the flagship projects of this sector, has received international recognition.

ALSO READ: Despite Russia’s war, China still top threat, says Pentagon

Previous Story

Sharing salary information still a taboo in India

Next Story

Imran admits he offered extension to army chief

Latest from -Top News

Quantum Leap Secures India’s Edge

The Minister said India has entered a new quantum era, set to transform future warfare….reports Asian Lite News India has taken a major leap in defence and cyber security by successfully demonstrating

India’s Growth Defies West Asia Tensions

The deepening crisis in West Asia, particularly between Israel and Iran, has had little to no visible impact on India’s economic trajectory or its export performance….reports Asian Lite News The limited trade

FM Sitharaman Embarks on Three-Nation Tour

She is leading the Indian delegation from the Department of Economic Affairs under the Ministry of Finance….reports Asian Lite News Union Finance Minister Nirmala Sitharaman commenced her official visit to Spain, Portugal,

Araghchi: Hold US, Israel Accountable

The Iranian foreign minister emphasised that the UNSC should hold the “aggressors” accountable and act to prevent the recurrence of such “crimes.”…reports Asian Lite News Iranian Foreign Minister Seyed Abbas Araghchi urged
Go toTop

Don't Miss

Pak Telecommunication Authority rejects demand to block SIMs

According to the report, this rejection might trigger more controversy

Ice cold clash over Indus

New Delhi defends treaty suspension, calls out Pakistan’s “misuse” of