The China Pak Economic Corridor (CPEC) started from $46 billion in investments. It now stands at $62 billion.
According to Sindh Governor Mohammad Zubair, China has approved additional funding for infrastructure projects under CPEC pushing the investment to $62 billion from $55 billion. Zubair was speaking at a conference on “Infrastructure Demand and Financing” organized by credit rating agencies Pacra (Pakistan) and Dagong (China). He said,
New investment has been approved for projects in various sectors including industrial zones… We are also in talks to place the Karachi Circular Railway under the CPEC banner.
CPEC was unveiled at $46 billion in 2015. Since then, the investment by China has been steadily increasing. Previously the investment was pushed to $55 billion when Federal Minister of planning, Development and Reform, Ahsan Iqbal, Federal Minister of Railways, Khawaja Saad Rafique, and Chief Ministers of all provinces visited China about three months ago.
Zubair said that other countries were keen to becoming a part of CPEC. He said China had become on the world’s economic superpower by investing in huge infrastructure projects like railways, highways, and power production projects etc.,
We are doing exactly the same thing. CPEC will create massive economic momentum in Pakistan.
Zubair expressed confidence that the federal government would soon unveil a financing plan for new projects across Sindh. He added that the Green Line public transport project would be completed by year end.
CPEC is a massive project that continues to grow each passing month. While managing the immense inflow of investment may be a problem, it is something Pakistan will have to do effectively. Several countries including the UK, France and even Russia have already expressed a desire to be a part of it. India has been invited to join the Corridor by China and Pakistan both. The extent of the project’s impact on Pakistan’s economy is difficult to measure, but it will help Pakistan reach new milestones.You can follow us on Facebook, Twitter, or Google+ for more updates. Otherwise fill in the subscription box above, or subscribe to our RSS Feed.