China has so far poured $14b into CPEC projects

By APP
Published: September 27, 2016
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Out of 30 early harvest projects, 16 are under construction. PHOTO: AFP

Out of 30 early harvest projects, 16 are under construction. PHOTO: AFP

ISLAMABAD: China has so far invested $14 billion in 30 early harvest projects to be completed under the China-Pakistan Economic Corridor (CPEC), a flagship project of the “One Belt One Road” initiative launched by Chinese President Xi Jinping.

Out of the 30 projects, 16 were under construction, a statement quoted Chinese Embassy Deputy Chief of Mission Zhao Lijian as saying.

China calls for consensus on CPEC

He said some early harvest projects would be completed by early 2018 while hydroelectric power projects would be ready in 2020.

Giving details of energy projects to be completed in 2017, Zhao said 70% work on the Sahiwal coal power project had been done and its first unit would start producing electricity by the end of June next year. The Port Qasim power project and the Dawood wind power project will be completed soon whereas work on the Karot hydroelectric power project is under way with assistance from the Silk Road Fund.

Zhao expressed satisfaction over the pace of work on different energy, transport, infrastructure and road projects and said the Chinese government had encouraged qualified companies to invest in Pakistan and explore business and trade opportunities.

One of the world’s largest construction company was working on Sukkur-Multan section of the Karachi-Lahore motorway, creating more than 10,000 jobs for the people of Punjab and Sindh, said the deputy chief of mission.

As many as 20 camps have been set up for the staff participating in construction of the $2.9 billion mega project.

Talking about the Karakoram Highway Phase-II project, he said the construction work on the Thakot-Havelian section was progressing well.

Concern over delay in raising force for CPEC

Commenting on the positive impact of CPEC on Pakistan’s economy, he pointed out that the World Bank in its report had acknowledged economic growth in Pakistan while its foreign reserves had climbed to $22 billion.

Zhao expressed confidence that the CPEC would bring prosperity and opportunities for the people of both China and Pakistan, adding it would create more job opportunities besides ensuring better health and educational facilities after its further advancement.

Published in The Express Tribune, September 27th, 2016.

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Reader Comments (11)

  • Sonya
    Sep 27, 2016 - 9:25AM

    There is no civil mechanism to check if the amounts charged to CPEC are not over-invoiced and that Chinese do not bully Pakistan authorities at various levels to clear their bills or else they are leaving. For CPEC projects no international companies other than Chinese can compete. In case of Neelum Jhelum’s costs where we could only give this project to China has jumped to $3 billion from $1 billion. This country is being looted by both powers inside and outside. Recommend

  • Zubair
    Sep 27, 2016 - 9:37AM

    All the Projects mentioned are in Sindh and Punjab; Jobs will be created in Sindh and Punjab; But progess will be done by Pakistan??? How ?? (Havelian-Thakot is ADB Project not Chinese money and I wonder why Chinese are commenting on it).Recommend

  • salman
    Sep 27, 2016 - 9:58AM

    Good developments.Recommend

  • Rohit Sen
    Sep 27, 2016 - 12:39PM

    Is this money invested by china or just using Pakistan’s money… how many years of annual foreign direct investment into Pakistan you have to add up to get to USD14b…
    If it’s pakistan’s money.. why are the Chinese needed? Just to cream the profit? Pakistan could have done it herselfRecommend

  • Feroz
    Sep 27, 2016 - 12:44PM

    Unwise to count the chicken before they have hatched.Recommend

  • asad
    Sep 27, 2016 - 1:49PM

    @Rohit Sen:
    You need help my friend and looks like CPEC is causing sleepless night so prepare yourself for what is ahead a would be easier to accept the reality.Recommend

  • Mangi
    Sep 27, 2016 - 4:28PM

    Great project. I started real estate office in Gwadar in 2014 after running few other failed ventures. Best decision of my life. Gwadar property is doing so well. Recommend

  • indian
    Sep 27, 2016 - 6:21PM

    This year in India we saw a start-up (reliance jio) worth 20b$ . Next month there is spectrum auction in India and new Delhi is all set to get 80b$ from auction. How can cpec (40b$) alone bring prosperity in Pakistan.Recommend

  • hamza khan
    Sep 27, 2016 - 8:53PM

    @indian:
    the chinese have repeatedly said that the CPEC is an ‘early harvest’ of investments and projects. they have dozens and dozens more lined up after the early harvest projects come off the ground, including massive industrial estates, economic zones, ports, etc etc. a leading gulf news estimated the total economic impact to pakistan over the coming 10 years could be in excess of $150 billion. does that answer your question? hahahaRecommend

  • Woz
    Sep 27, 2016 - 10:49PM

    This is fantastic news, but can I ask why imports are stable,fdi down and currency reserves climbing vis a vis loans.

    How has $14 billion largely from outside I assume avoided all the standard statistics and measures? Recommend

  • curious2
    Sep 28, 2016 - 3:35PM

    Pretty sure I read an ET article within the last week or so which indicated China has spent $18 Billion. I guess the one thing about CPEC that remains consistent – lack of credible information. Recommend

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