Chinese bank to finance Gwadar motorway

Islamabad: A leading Chinese bank on Thursday agreed to finance multi-billion dollar Karachi-Faisalabad-Gwadar motorway project.

Chairman of the EXIM Bank Li Ruogu during a meeting with Prime Minister Yousuf Raza Gilani said the bank will shortly send a team to Pakistan to carry out feasibility study for the project.

Appreciating the financial contribution of the EXIM Bank in major projects in Pakistan, including Chashma Nuclear Power Plant, Karakoram Highway and Saindak Gold and Copper Mining Project, the prime minister said the financing of Karachi-Gwadar motorway would be another shining example of Pak-China friendship.

The prime minister held separate meetings with different Chinese banks and groups. The head of Hudian group told Gilani that his group will invest $400 million for setting up 350MW thermal power unit near Lahore.

He said that his company had expertise in hydro and coal-fired power projects and was working on various projects in East and South Asia.

The prime minister invited the group to invest in Thar coal power project and Bhasha Dam.

The Hudian group chief said that a delegation will be sent to Pakistan to conduct feasibility studies.

Mr Gilani briefed the Chinese business leaders about the investment-friendly policies of the government and huge potential of investment and financing in various sectors.

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