Pakistan, China Sign $118m Loan for Gwadar Project

BEIJING: China and Pakistan signed an agreement here on Thursday under which the Exim Bank of China will provide $118 million to Pakistan for construction of Gwadar Deep Seaport.

Chairman Exim Bank Yang Zilin signed the agreement, while Pakistan’s side was represented by Riaz Muhammad Khan, Pakistan’s ambassador to China.

Official sources told APP that the total financial package to be provided by China for the Gwadar project is $198 million, which includes a grant of $49 million, and $31 million interest free credit.

It was also agreed that the two sides would take all necessary steps ensuring timely completion of the project.

"The Gwadar project will be another landmark and a shining example of Sino-Pak friendship and their cooperation in various sectors,” said the Pakistani ambassador while speaking at the signing ceremony here at the State Guest House.

He said President Pervez Musharraf and Chinese Premier Zhu Rongji are taking personal interest in the construction of the Gwadar Port.

Mr Khan said the Gwadar seaport is very significant, not only for Pakistan’s economic progress but also for development of trade links with Central Asian States.

The ambassador also referred to China’s assistance in some other major pubic sector projects in Pakistan like, White Pipeline, Saindak copper and gold project, Thar coal project and the modernization of Pakistan Railways.

Chairman Exim Bank, Yang Zilin in his remarks said the Bank would continue to take active part in the development of Pakistan. He said the Chinese leaders attached great importance to the economic development of Pakistan and wished to strengthen the bilateral cooperation for the welfare of their people.

The construction of the first phase of Gawadar Deep Seaport has been undertaken by China Harbour Engineering Company Group (CHEC) on Build Operate Transfer basis. It is scheduled to be completed by 2005 in two phases.

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