EXIM Bank to finance Karachi-Faisalabad-Gwadar motorway
BEIJING, May 19 (APP): The EXIM Bank of China on Thursday expressed its readiness to finance Karachi-Faisalabad-Gwadar Motorway and will soon send a team of experts to Pakistan for feasibility study of the proposed project.The assurance came during a meeting between Chairman EXIM Bank Li Ruogu and Prime Minister Syed Yusuf Raza Gilani here.Gilani said the financing of Karachi-Faisalabad-Gwadar Motorway project by EXIM Bank will be another shining example of the deep rooted Pak-China friendship and cooperation.The Prime Minister appreciated the financial contribution of the EXIM Bank in major communication, energy and other projects in Pakistan like the Karakuram Highway, Chashma Nuclear Power Project and Saindak Copper and Gold mines.
Li Ruogu told the Prime Minister said that the EXIM Bank has a sizeable programme for Pakistan both for the buyers and sellers credit. He assured the Exim Bank’s all out support for Pakistan’s socio-economic development.
Meanwhile, during separate meetings with heads of China Development Bank, Bank of China, Huadian Group and Administrator SASTIND, the Prime Minister asked the Chinese banks and financial institutions to help Pakistan build its infrastructure in communication, energy, banking and other major sectors through enhanced investment and financing for mutual benefit.
Gilani apprised them of the investment-friendly policies of the present government as well as the huge potential of investment and financing in various sectors of the country.
The Prime Minister and the heads of Chinese banks and financial institutions discussed at length the avenues and possibilities of increased financing in various development projects.
During the meeting with the President of China Development Bank (CDB) Jiang Chaoliang, the Prime Minister appreciated the contribution of CDB in the development of Pakistan.
He recalled that during the visit of Premier Wen Jiabao to Pakistan in December last, the CDB had announced $ 7.67 billion financing for development projects in Pakistan.
The Prime Minister said Pakistan will welcome the investment and financing by China Development in major energy related projects including Bhasha and Bunji dams.
During the meeting with President of the Bank of China (BOC) Xiao Wang, the Prime Minister said since the banks and financial institutions have a major role in development of any country, Pakistan was looking forward for opening of more BOC branches in the country.
He said there are vast opportunities of investment in various fields including in the energy and telecom sectors, adding, Pakistan will welcome the financing and investment in the Bhasha Dam and Thar Coal projects.
The President of BOC said the Bank intends to expand its operations in Pakistan and will facilitate and encourage the Chinese entrepreneurs to invest in Pakistan’s energy and telecom sectors.
During his meeting with the Chairman of Huadian Group, that has special expertise in hydro power generation and coal mining and working in various parts of the world including Far East Asia and Central Asia, the Prime Minister invited the Group to invest in Thar Coal and Bhasha Dam projects.
The Chairman Huadian Group briefed the Prime Minister on their expertise in hydro and coal mining projects and said the Group has already signed a Memorandum of Understanding with Pakistan’s Ruba Group for a 350 MW thermal power project in Lahore, with the financing of $ 400 million.
He assured the Prime Minister the Huadian Group will also consider investment in Thar Coal project and in this respect a delegation of the group will soon visit Pakistan for study of the project.
Chen Qiu Fa, Administrator SASTIND - a Chinese company that deals in defence production, also called on Prime Minister Gilani and discussed the matters relating to bilateral cooperation in various sectors particularly in the area of defence.
He congratulated the Prime Minister on the successful visit to China and the signing of significant agreements in various fields.
The Administrator SASTIND said since China desires to see a strong Pakistan, its needs in the defence sector would be given due importance.
The Prime Minister said China’s support in meeting Pakistan’s defence needs is a contribution towards the security and stability of the region.
He expressed the confidence that existing cooperation between Pakistan and China in the field of defence would be further strengthened.