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Old Tuesday, April 25, 2006
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Post The economic and strategic importance of Gwader port

GWADAR PORT
Construction of a third sea port at Gwadar which is a focal point in bridging the communication gap between Eastern European, Central Asian States and Pakistan. This most significant project moved successfully during the year and heading wards its completion.
The Chinese Export and Import bank has agreed to release the first installment of $58 million soon which is the part of its commitment to financially support the construction of Gwadar deep seaport.
President of the Exim Bank of China Yang Zilin and Pakistani Ambassador Riaz Mohammad Khan signed a related agreement in Beijing.
The Chinese government will offer preferential loan to support the building of Gwadar port.
According to the agreement, the $58.21 million of preferential loan will be used to support the first phase construction of the port. Total investment in the first phase of construction is $248 million which will come from China. The first phase construction will last three years, during which three multi-purpose berths will be developed. The Gwadar sea port has been among the priorities of President Pervez Musharraf who wants the country's third port to serve as a hub of international trade and a link between East Asia and Europe. The first phase is expected to complete by 2004, following which the government aims to start second phase with a cost of about $200 million dollars. The total cost of the project is about $480 million.
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