The Chinese government is providing loans to Pakistan on CPEC projects at 2.39 percent payable over 25 years, with Chinese state-owned companies bidding and building these projects
May 10, 2018 — China’s state-owned railway construction enterprise wants to carry out initial feasibility study on upgrading Main Line (ML-II Kotri-Attock) and ML-III Rohri-Chaman railways tracks, and aims to complete these projects under China Pakistan Economic Corridor (CPEC), a statement said on Wednesday.
Yang Jinjun, the vice president of state-owned China Railways Construction Corporation (CRCC) expressed keen interest in the projects during a meeting with Javed Anwar, chairman ministry of railways, the ministry of railways said in the statement.
It added that the CRCC wanted to execute the projects under the umbrella of the CPEC.
The statement said the chairman railways extended all possible collaboration to the CRCC during the meeting.
“The two organizations agreed upon cooperation under article 1 of Framework Agreement between Pakistan railways and its Chinese counterpart,” the ministry said.
Meanwhile, Pakistan and China have agreed to upgrade and dualize Pakistan Railway’s main line (ML-1) from Karachi to Torkham — considered a strategically important project.
The Chinese government is providing loans to Pakistan on CPEC projects at 2.39 percent payable over 25 years, with Chinese state-owned companies bidding and building these projects.
In a related note, the Minister for Planning and Development Ahsan Iqbal Wednesday urged China Railway to ensure participation of Pakistani institutions in infrastructure projects. “China Railway Corporation should utilize existing industrial base and local production capabilities in railways and infrastructure projects,” he maintained.
China Railway Construction Corporation (CRCC) guaranteed to work in collaboration with Pakistani institutions and organizations. It was assured that Pakistani engineers would be given priority at every stage of the projects, and that Chinese side would work in line with Vision 2025 and CPEC Long Term Plan.
The firm also expressed its commitment to work closely with Pakistan’s technical education institute to ensure capacity building of local youth and more employment in future.