BEIJING – China says less than 20 per cent of current projects under ChinaPakistan Economic Corridor are using the Chinese loans and more than 80percent of them are directly invested by China or using Chinese grants.
A Chinese foreign ministry’s spokesperson Lu Kang during his regularbriefing in Beijing today rejected impression that Chinese loans are addingto Pakistan’s debt problems.
He said that carrying out major projects with the international financingis a global practice and it is also an effective approach for thedeveloping countries to break the financial bottleneck and expedite theireconomic growth.
The spokesperson said that the projects being completed under the CPEC, aflagship project of Belt and Road Initiative do not add burden toPakistan’s debt issue rather it strengthened the economy.
Explaining further, he said there are 22 early harvest projects creatingtens of thousands of local jobs and satisfying electricity needs of 8.6million households.
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Lu Kang said the CPEC has greatly improved Pakistan’s infrastructure andpower supply.
According to analysts, in the past five years, 11 projects have beencompleted under the CPEC, and 11 are in the construction stage.
The total investment of these 22 projects was about 18.9 billion dollars.
