CPEC: China to get 91% of the Gwadar Port income for next 40 years
ISLAMABAD: The Senate was told on Friday that 91 per cent of the revenues to be generated from the Gwadar port as part of the China-Pakistan Economic Corridor (CPEC) would go to China, while the Gwadar Port Authority would get 9pc share in the income for the next 40 years.
This was disclosed by Federal Minister for Ports and Shipping Mir Hasil Bizenjo after senators expressed concern over the secrecy surrounding the CPEC long-term agreement plan, with many observing that the agreement tilted heavily in China’s favour.
The minister said that the agreement was based on a build-operate and transfer model spread over 40 years. That means that Pakistan will take over the operation of the port along with the infrastructure to be built on it during the period to enhance the port’s cargo-handling capacity.
However, Senator Kalsoom Parveen of the ruling Pakistan Muslim League-Nawaz (PML-N) pointed out that the agreement had not been signed on the basis of equality as had been done with India.
She asked Senate Chairperson Raza Rabbani to convene a meeting of the committee of the whole of council, in which all relevant departments which signed the pact would be called. Mr Rabbani, however, pointed out that there were already two committees on the CPEC, including a Senate committee and a parliamentary panel. He advised her to take up the issue at the Senate committee on CPEC.