CPEC created 75,000 job opportunities, contributed 1% to 2% to Pakistan’s GDP growth in last 5 years
The CPEC projects have brought improvement in transportation infrastructure and power supply.
During the last five years, 32 projects have been completed under the China-Pakistan Economic Corridor (CPEC).
The CPEC projects have brought improvement in transportation infrastructure and power supply. The projects also created more than 75,000 job opportunities and contributed to 1% to 2% of the GDP growth in Pakistan.
“It shows the CPEC is playing an important role in boosting Pakistan’s socio-economic development and improving people’s livelihood”, Documents from the Chinese embassy read.
Regarding the mega ML-1 railway project, the documents revealed that the initial design was accomplished by the joint efforts of China Railway No 2 Bureau, National Engineering Services Pakistan Limited (NESPAK), and Pakistan Railway Advisory & Consultancy Services Ltd (PRACS).
The project was started in 2016 and the initial design was submitted in May of 2017. In April 2019, its initial design was approved after review. The review was organized by Pakistan Railways (PR), Mott McDonald Pakistan (MMP), Canarail and Crimson.
“As the project has not yet been approved, the amounts of the project will be adjusted according to the actual condition and the needs of Pakistan. After finalizing the design of the project, we would initiate bidding in accordance with international practice. This is a completely normal business practice.”
Regarding the ‘debt’ issue, loan for CPEC is $5.8 billion, this makes up 5.3% of Pakistan’s total foreign debt. The repayment period for the debt is 20-25 years and an interest rate of 2%.
Repayment will start in 2021, with annual repayments of $300 million.
All projects of CPEC have to comply with the internationally accepted business model, adopt state of the art technology and strict environmental standards.
During every project’s planning or implementation, it is fully discussed, studied and then implemented by both China and Pakistan jointly.
The government of China asks Chinese companies to operate in accordance with local laws and regulations.
“The entire process is open and transparent and is in line with international norms. We keep in touch with the relative accountability agencies of Pakistan and it is agreed that the CPEC is clean.”
The Chinese embassy document read that the relations between China and Pakistan are now rock-solid. China will continue to work with Pakistan and people will gradually advance BRI and CPEC to promote regional development and peace.
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