CPEC: Pakistan faces a major setback as mega project dropped from list
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ISLAMABAD: Pakistan that is faced with huge energy crisis at the moment has received a major setback as Bhasha Dam project has been written off from the CPEC. Also, the project of Karachi Circular Railways is still on the cards but new feasibility report will be mapped out.
The Joint Coordination Committee of China Pakistan Economic Corridor has formally approved the Long Term Plan of the corridor.
This was stated by Minister for Planning and Development Ahsan Iqbal in a press talk after the conclusion of 7th JCC meeting of China-Pakistan Economic Corridor in Islamabad.
He said all stakeholders from both China and Pakistan were consulted in preparing the LTP.
He said the Long Term Plan (2017-30) envisages key areas of bilateral cooperation in facilitating and financing the projects under CPEC over the next 13 years.
The minister informed that the JCC also cleared Karachi Circular Railway project and its feasibility would be reviewed by a Chinese working group.
He said the financing agreement for upgradation of main railway line from Karachi to Peshawar would be finalized within three months.
Ahsan Iqbal said JCC has also formed a working group to launch agriculture projects aimed at producing more value added agricultural products by utilizing Chinese technology in this sector.
The JCC also accorded approval for implementation of all infrastructure projects that were approved in the 6th JCC held in Beijing last year.
The minister informed that establishment of nine industrial zones, one each in all four provinces, Gilgit Baltistan, Azad Jammu and Kashmir, FATA, and Islamabad also came under consideration in the meeting and it was decided its approval would be made after evaluation of feasibility studies of all the zones by the Chinese side.
Ahsan Iqbal said the two sides also deliberated upon the security and taxation issues of the CPEC projects.
He said in the JCC also accorded approval to two hydro power projects (100MW and 80 MW) in Gilgit-Baltistan while work on laying of fiber optic cable has been completed.
