ISLAMABAD: *Pakistan and China take important decision over mega $9 billionCPEC project.*
Chinese Ambassador to Pakistan Yao Jing has said that China and Pakistanhave constituted a joint committee to explore financing modalities and tofind an appropriate financial package for the Main Line (ML-1) railwayproject.
Addressing the media late Wednesday, the envoy said that due to hugefinancial implication, the project was facing little delays. “However, thiswon’t be the case as the committee would soon finalise an appropriatefinancial package to fund the project.”
The Chinese embassy had arranged a reception for media persons inconnection with the Chinese Lunar Year.
The ML-1 project is part of China Pakistan Economic Corridor (CPEC), underwhich 1,872-km railway track from Peshawar to Karachi would be upgraded atan estimated cost of around $9 billion.
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Yao Jing on the occasion rejected the rumours regarding a slowdown in CPECprojects, saying that work on CPEC projects was being executed according tothe plan.
“There is no mega project being executed presently, which is why it seemsthat the project has slowed down,” he said. “But there are a number ofsmall projects currently being executed under the CPEC framework across thecountry. These may not be tangible but are very important.”
