Tag: CPEC

Pakistan to seek $2.7 billion loan from China for CPEC construction project
15Nov By Joe RodriguezNo Comments
Asia, China, USA

Pakistan to seek $2.7 billion loan from China for CPEC construction project

At a time when financial institutions of China are reluctant in investing in the China-Pakistan economic corridor (CPEC), Pakistan has decided to seek USD 2.7 billion loan from China for the construction of package-I of the Mainline-1 project of CPEC.As per reports, the sixth meeting of the financing committee on ML-1 project, which includes dualisation and upgrading of the 1,872 km railway track from Peshawar to Karachi, decided that Pakistan would initially request China to sanction only USD 2.73 billion in loan out of the total estimated Chinese financing of about USD 6.1 billion.The Ministry of Economic Affairs has been directed to formally send the Letter of Intent to China next week as Beijing is expected to finalise its next year's financing plans by the end of the current month."In...
Read More
Fierce competition starts between US, China for energy corridors in central asia
21Aug By Mike TrudellNo Comments
Asia, China, World

Fierce competition starts between US, China for energy corridors in central asia

Amid already heightened tensions between the United States and China, the Trump administration has now called "for a new alliance of democracies" to counter China's aggressive policies, and, in a retaliatory move, Beijing has begun adding more potential new trade and energy corridors linking Central Asia with South Asia and the Middle East.To counter China's aggressive expansionist policies in the South China Sea, the US has decided to have a quadrilateral alliance with Japan, Australia and India.Maleeha Lodhi, who has served as Pakistan's ambassador to Britain, the US and the United Nations said, “Fundamental realignments are taking place across the world at a challenging, transformative time in international affairs when global power is shifting to the East. Our region is no exception an...
Read More
Rs.7.5 billion allocated for Pakistan Railways ‘ML-1’ under CPEC
17Jun By Joe RodriguezNo Comments
Asia

Rs.7.5 billion allocated for Pakistan Railways ‘ML-1’ under CPEC

The Federal Government of Pakistan has allocated Rs.6 billion for the up-gradation of Pakistan Railways existing Main Line-1 (ML-I) and establishment of Dry Port near Havelian Phase-1 under CPEC including Rs.500m as foreign component.Meanwhile, Rs 1.5 billion was also included in Public Sector Development Programme (PSDP) 2020-21 for Preliminary design/drawings for up gradation and rehabilitation of main line (ML- 1) and establishment of Dry Port near Havelian under the China Pakistan Economic Corridor (CPEC).Rehabilitation and up gradation of Karachi-Lahore Peshawar (ML-1) Railway’s 1,872km long track is an important project of CPEC.The project includes doubling of entire track from Karachi to Peshawar. After its completion the speed of passenger trains will be raised from 65/110km per ho...
Read More
Game changer CPEC gets Rs21 billion in Pakistan’s 2020-21 budget
17Jun By Michael SmithNo Comments
Asia

Game changer CPEC gets Rs21 billion in Pakistan’s 2020-21 budget

Pakistan’s Public Sector Development Programme (PSDP) for the year 2020-21 has allocated Rs21 billion for projects under China Pakistan Economic Corridor (CPEC) - once considered a game changer for Pakistan.Except a few major road and rail projects under the CPEC, the PSDP does not allocate money for any significant scheme. There is no mention of any allocation for any of the much-discussed industrial zones, which were to be established under the CPEC to general industrial and economic growth of the country.The most conspicuous allocation under CPEC in the 2020-21 PSDP is for the construction of Zhob to Kuchlak Road, CPEC Western Corridor as Rs10 billion has been allocated for this project.For the upgradation of Pakistan Railways existing Main Line-1 (ML-I) and establishment of dry port ne...
Read More
Pakistan Budget 2020-21: CPEC placed in cold storage due to influence from West
17Jun By Michael SmithNo Comments
Asia

Pakistan Budget 2020-21: CPEC placed in cold storage due to influence from West

Economist Dr Kasier Bengali has said that Pakistan’s economic policies are being made in Washington and the International Monetary Fund (IMF) has sent its people to sit in major institutions, which is why there is no mention of the China-Pakistan Economic Corridor (CPEC) in the budget 2020-21.Speaking during a webinar organised by the Pakistan Institute of Labour Education and Research (Piler) on Sunday, he said due to the influence from the West the government had placed CPEC in cold storage.“Pakistan’s economy is mainly relying on foreign loans, so the economic managers are trying to appease the IMF and other international lenders by not mentioning the CPEC,” Dr Bengali said.Pakistan’s Public Sector Development Programme (PSDP) for the year 2020-21 has allocated Pakistani Rs 21 billion f...
Read More