Pakistan signs $700m MoU with China
BEIGING: Pakistan signed here on Friday a memorandum of understanding (MoU) with EXIM Bank of China for $700 million to generate electricity through 12 small and medium-sized dams and water reservoirs.
Salman Faruqui, Secretary General to the President, said that the loan would also help irrigate millions of acres and create livelihood.
‘This credit line will help us alleviate poverty,’ said the secretary general said after the signing ceremony that he witnessed at the EXIM Bank.
According to a press release, the MoU was signed by Secretary Economic Affairs Division Farrakh Qayyum and Executive of the EXIM Bank of China Zhu Li.
Wapda chairman Shakeel Durrani, Ambassador Masood Khan and senior officials of the Pakistan Embassy witnessed the signing ceremony.
Mr Faruqui stated that President Asif Ali Zardari had sent him to China with special instructions to expedite all economic projects under implementation between Pakistan and China.
He underlined that construction of small and medium-sized dams and water reservoirs in far-flung areas of Pakistan would contribute substantively to uplifting the economic conditions of the poor less developed areas.
He highly appreciated the role of EXIM Bank of China for expeditious processing of the financial package.
Mr Zhu Li stated that his bank would continue extending its support to economic and commercial projects in Pakistan.—APP
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