BEIJING: China yesterday promised neighbouring Pakistan investment worth $42bn, an official said.
Pakistan’s Prime Minister Nawaz Sharif oversaw the signing of 19 agreements and memorandums mostly centred on the energy sector as he met Chinese President Xi Jinping in Beijing.
Pakistan, a close ally of China, suffers from chronic electricity shortages and Islamabad has long sought investment in coal-fired power stations which it sees as a solution to the problem.
Other countries have balked from such investments, sometimes on environmental grounds.
The new agreements pave the way for Chinese state-owned companies to help build at least four new power stations in Pakistan, while the deals also cover the supply and mining of coal, the prime minister’s press office said.
“The deals being signed between China and Pakistan are worth $42bn. The whole investment is being made by China,” said Amir Zamir, spokesman for Pakistan’s ministry of planning and development.
“There is no loan or aid for the energy projects, but pure investment by the Chinese,” said.AFP
