Pakistan and China take important decision over mega $9 billion CPEC project

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Pakistan and China take important decision over mega $9 billion CPEC project

ISLAMABAD: *Pakistan and China take important decision over mega $9 billion CPEC project.*

Chinese Ambassador to Pakistan Yao Jing has said that China and Pakistan have constituted a joint committee to explore financing modalities and to find an appropriate financial package for the Main Line (ML-1) railway project.

Addressing the media late Wednesday, the envoy said that due to huge financial implication, the project was facing little delays. “However, this won’t be the case as the committee would soon finalise an appropriate financial package to fund the project.”

The Chinese embassy had arranged a reception for media persons in connection with the Chinese Lunar Year.

The ML-1 project is part of China Pakistan Economic Corridor (CPEC), under which 1,872-km railway track from Peshawar to Karachi would be upgraded at an estimated cost of around $9 billion.

Yao Jing on the occasion rejected the rumours regarding a slowdown in CPEC projects, saying that work on CPEC projects was being executed according to the plan.

“There is no mega project being executed presently, which is why it seems that the project has slowed down,” he said. “But there are a number of small projects currently being executed under the CPEC framework across the country. These may not be tangible but are very important.”

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