Gwadar is a key pillar of CPEC, China realises urgent need of a new international airport in the port city: Chinese Ambassador to Pakistan

10:50 PM | 5 Oct, 2017
Gwadar is a key pillar of CPEC, China realises urgent need of a new international airport in the port city: Chinese Ambassador to Pakistan
LAHORE - Outgoing Chinese Ambassador Sun Weidong has termed Gwadar pivotal for future economic prosperity of Pakistan.

In a discussion with journalists in the Punjab capital Thursday, the envoy expressed satisfaction at the pace of development in the port city, highlighting that last year a Free Zone was established in Gwadar, and already more than 30 companies have invested there. These companies are establishing factories and setting up plants in Gwadar.

“We understand that there is an urgent need for a new airport in Gwadar, and China will put in every effort to facilitate the development of the city,” Mr Weidong stressed.

He added that China would provide the funds for the construction of East Bay Expressway (a 19-kilometer six-lane road in Gwadar).

Responding to a question, he dismissed the notion that CPEC projects are being set up at unfavourable terms for Pakistan. “The funds coming from China are divided into three main categories. The first one is investment from Chinese companies, mostly in the energy sector, on IPP model basis. Secondly, China is providing some free assistance and interest-free loans, which would include some infrastructure projects in Gwadar. The third category is loans, which are being offered at extremely low interest rates with the cooperation of the Chinese government.

“One such example is the Orange Line Train being built in Lahore.”

Usman Mujib Shami is the Executive Editor of Daily Pakistan. He did his Masters in international Business from Hult University and his Bachelors from Institute of Business Administration, Karachi.


Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 29 Feb 2024

Pakistani rupee remains stable against US dollar in the open market on February 29, 2024 (Thursday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.1 for buying and 282.35 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 352 for buying, and 355.5 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 74.3.

Today’s currency exchange rates in Pakistan - 29 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.1 282.35
Euro EUR 303 306
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.3 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter