Islamabad: The Chinese embassy recently revealed that Pakistan and China had completed 32 early harvest projects in the last five years — with each initiative falling under the auspices of the China Pakistan Economic Corridor (CPEC), a news source reported. As per the publication, the completed CPEC projects helped improve the country’s transportation and power supply infrastructure, as well as lead to the creation of 75,000 jobs and contribute to about 1 to 2 percent growth in Pakistan’s Gross Domestic Product (GDP).
The initial design of the mega ML-1 project was jointly completed by the National Engineering Services of Pakistan Limited (NESPAK), Pakistan Railway Advisory and Consultancy Services Limited (PRACS), and China Number 2 Bureau. The project was launched in 2016 and its initial design was submitted for review in May 2017. The project design review successfully passed in April 2019, with the coordination of the Pakistan Railways (PR), and the consortium comprising of Mott McDonald (MMP), Canarail, and Crimson. The Chinese embassy confirmed that the project had not been approved yet and that the expenditures would be revised according to the needs of Pakistan.
China owes USD 5.8 billion in loans to Pakistan for CPEC, with an interest of approximately 2 percent, which accounts for 5.3 percent of Pakistan’s total foreign debt. The repayment period for Pakistan is 20-25 years and it will begin in 2021; with an annual repayment amount being USD 300 million.
The embassy
papers clarify that all the projects follow the international business model,
employ state of the art technology, and subscribe to environment protection
standards. Additionally, every project and scheme under CPEC is discussed in
detail by both Pakistan and China before they proceed with its implementation.
