Islamabad: Pakistan has requested China for a USD 1.6 billion soft credit line in order to facilitate the re-alignment of the Karakorum Highway from Thakot to Raikot, news sources reported.
As per the sources, the Central Development Working Party (CWDP) has already approved the concept clearance for the project. The project is part of the China-Pakistan-Economic-Corridor (CPEC) and is estimated to cost USD 1.8 billion, which is set to be split between China and Pakistan in a 90:10 ratio. The Chinese government has provided their approval for a USD 1.620 billion loan, and the Pakistani government is to contribute USD 180 million through the Public Sector Development Programme (PSDP).
The Planning Commission of Pakistan is set to give the Ministry of Communications approval for the concept clearance of the project. In addition, the feasibility assessment and detailed design of the 256-kilometre-long Karakorum Highway are also funded by China, which has also agreed to a government-to-government (G2G) partnership. The priority of the project is to build the Pattan, Dasu, and Diamer Bhasha dams on the River Indus.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
