ISLAMABAD: Under the *CPEC, China to inject further $9 billion intoPakistani economy.*
With the approval of Mainline-I (ML-I) Railway Project, the total cost ofprojects under the China-Pakistan Economic Corridor (CPEC) has surged to $50billion – the biggest investment made by any foreign country in Pakistan.
The Karachi–Peshawar Railway Line (referred to as ML-1) would cost around $9billion. The project would upgrade the country’s railway trackinfrastructure, speeding up railway traffic movement up to 120 miles perhour from Karachi to Peshawar.
According to official documents, out of the $50 billion CPEC outlay, 13projects worth around $11 billion have already been completed, while workon 13 projects worth $18 billion was in progress, whereas $21 billion worthprojects were in the pipeline.
Documents revealed that 46pc work on Gwadar Eastbay Expressway has beencompleted while New Gwadar International Airport was being constructed withChinese grant. The airport would be the largest in Pakistan.
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To enhance the friendly relationship between the people of China andPakistan, both governments have also signed agreements for povertyalleviation.
In this regard, two memorandums of understanding (MoUs) were signed onNovember 3, 2018, during the official visit of Prime Minister Imran Khan toChina.
The first MoU was signed between the Ministry of Planning, Development &Special Initiatives and The State Council Leading Group Office of PovertyAlleviation and Development of China, while the second MoU was signedbetween the Ministry of Planning Development & Special Initiatives andChina International Development Cooperation Agency (CIDCA).
