Pakistan, China decide to undertake $10 billion railway project | So Good News
Islamabad: Pakistan and China have agreed to execute the Mainline-1 (ML-1) railway project at an estimated cost of $10 billion.
The Joint Coordination Committee (JCC) also decided to make business-to-business agreements under the China-Pakistan Economic Corridor (CPEC), The News reported.
Pakistan will also ask for the transfer of deposits and restructuring of its $27 billion debt.
During the meeting, Pakistan assured China to take more initiatives for the safety of Chinese working under CPEC projects.
Both sides have agreed to expand cooperation in the field of information technology, and it was decided that Chinese companies will establish research centers in Pakistan to explore new avenues in this sector.
Pakistan and China held the 11th JCC meeting virtually, but both sides could not sign the minutes of the meeting.
It was expected that the minutes of the meeting will be signed during the upcoming visit of Prime Minister Shehbaz Sharif, who along with a high-level delegation will visit China from November 1, The News reported.
The CPEC meeting was held in Islamabad with both sides expressing satisfaction over the ongoing projects under CPEC, while several other projects were proposed.
The meeting was chaired by Planning Minister Ahsan Iqbal, and Deputy Chairman National Development & Reform Commission (NDRC), China, Lin Nianxiu.
Under the leadership of Prime Minister Shehbaz, CPEC has emerged as the highest national priority, the minister said in his welcome address.
The meeting was also informed that another 3,100 MW, which has achieved 90% milestone for FC (700 MW Azad Pattan HPP, 1,124 MW Kohala Hydel Project and 1,320 MW Thar Coal Block-I), will be completed at the earliest to get closer to the assumed target of 17,000 MW.
The highways and expressways projects of around 888 km were also highlighted to be built with both Chinese and local funding (another 853 km under construction through local funding).
KKH-Thakot-Havelian, one of the flagship projects in this sector, has received international recognition.