Two mega CPEC projects worth $10.2 billion face delay

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Two mega CPEC projects worth $10.2 billion face delay

ISLAMABAD:

Two Maga CPEC projects worth $10.2 billions face delay, it has been reported. Pakistan and China could not make any breakthrough on mega mass transit and infrastructure projects during the 8th Joint Cooperation Committee (JCC) meeting due to Islamabad’s inability to timely complete paperwork of these multibillion dollars schemes.

The status quo remained on $8.2 billion mainline (ML-1) project of Pakistan Railways, $2 billion Karachi Circular Railways, mass transit schemes of Quetta and Peshawar and five small road projects, according to signed minutes of the 8th JCC meeting.

The JCC is the highest decision making body of the China-Pakistan Economic Corridor (CPEC) that met last month in Beijing after one year.

China’s National Development and Reform Commission Vice Chairman Ninglizhe and Pakistan’s Minister for Planning and Development Khusro Bakhtiar co-chaired the JCC meeting.

China has declared the $2 billion Karachi Circular Railway (KCR) project ‘technically feasible’ and important for ‘growth and prosperity’ for Pakistan’s largest commercial hub. But Pakistani authorities failed to fulfill the procedural requirements.

“The Chinese side noted the importance of the KCR project for growth and prosperity of Karachi, presented that more endeavours shall be taken to facilitate the KCR project as soon as possible since it’s technically feasible,” said minutes of the JCC.

Economy