32 early harvest projects completed under CPEC in 5 years

04:52 PM | 28 Jan, 2020
32 early harvest projects completed under CPEC in 5 years
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ISLAMABAD - Pakistan and China has achieved major progress on China Pakistan Economic Corridor (CPEC) during the last five years as 32 early harvest projects were completed during that period.

These CPEC projects have significantly improved local transportation infrastructure and power supply, created over 75,000 jobs directly and contributed one to two per cent of the GDP growth in Pakistan, documents from Chinese embassy said adding that “it shows the CPEC is playing an important role in boosting Pakistan’s socio-economic development and improving people’s livelihood”.

With respect to the mega ML-1 railway project, the documents revealed that the initial design of the project was jointly accomplished by the China Railway No 2 Bureau, National Engineering Services Pakistan Limited (NESPAK), and Pakistan Railway Advisory & Consultancy Services Ltd (PRACS).

The project was launched in 2016, and the initial design was submitted in May 2017. In April 2019, it has successfully passed the initial design review, organized by Pakistan Railways (PR), of the complex including Mott McDonald Pakistan (MMP), Canarail and the Crimson.

“As the project has not yet been approved, the amounts of the project will be adjusted according to the actual condition and the needs of Pakistan. After finalizing the design of the project, we would initiate bidding in accordance with international practice. This is a completely normal business practice.”

Regarding the so-called debt issue, loan for the CPEC is about the US $5.8 billion, accounting for 5.3 percent of Pakistan’s total foreign debt, with a repayment period of 20-25 years and an interest rate of approximately 2 percent.

Its repayments will start in 2021, with annual repayments of about $300 million. It will never be a burden to Pakistan.

All projects strictly follow the market-oriented and internationally accepted business model, adopt state of the art technology and strict environmental protection standards, the document added.

Under the CPEC, during its planning or implementation, every project is equally discussed, carefully studied and jointly implemented by both China and Pakistan.

The Chinese government always requests Chinese companies to operate according to local laws and regulations. All Chinese companies joining the CPEC enjoy an international reputation.

“The entire process is open and transparent and is in line with the international norm. We keep in touch with the relative accountability agencies of Pakistan and it is agreed that the CPEC is clean.”

It added China-Pakistan ties were rock-solid and unbreakable and China would continue to work with the Pakistani government and people to steadily advance the BRI and CPEC to promote regional peace and development.