Skip to main content

JCC of CPEC to meet on November 6: Pakistan to request China for financing ML-1 project under soft conditions

Mehtab Haider

October 30, 2019

Pakistan will ask China to provide phased wise financing for ML-1 for period of 10 to 15 years with spread over period of 30 years and with minimum interest rate.

ISLAMABAD: Pakistan has decided to make fresh request to China for getting lucrative package of over $8.5 billion for construction of much-awaited railways Mainline (ML-1) from Peshawar to Karachi.

In the upcoming Joint Coordination Committee (JCC) meeting under much-trumpeted China Pakistan Economic Corridor (CPEC) scheduled to be held here in Islamabad on November 6, 2019, Pakistan will ask China to provide phased wise financing for ML-1 for period of 10 to 15 years with spread over period of 30 years and with minimum interest rate.

So Islamabad could only move ahead for construction of ML-1 with lenient conditions despite having remained under the IMF arrangement. Without soft conditions for financing from China, the ML-1 financing will become difficult when Pakistan is currently under the IMF programme.

Pakistan would take up different projects including moving towards initiation of financing modalities for ML-1, financing of Karachi Circular Railway (KCR) after completion on pattern of Orange Line project for Lahore, mutual cooperation in agriculture sector with the purpose to promote research, announcing date of groundbreaking of Rashakai near Nowshera (KP) and then second SEZ at Dahbiji in Sindh. China has also decided to provide 20,000 scholarships for Pakistani students for studying into Chinese universities each year over next three years.

In an exclusive talk with The News here at office, Secretary Ministry of Planning Zafar Hasan shared details about upcoming JCC under CPEC mechanism and said that Chinese delegation led by Chairman NDRC along with delegation would reach Pakistan on November 3 and then Chinese delegation would visit Gwadar to inaugurate 300 megawatt coal power plant.

He said that Pakistan would request China to provide financing for ML-1 that could also become feasible under the IMF programme. He said the PC-1 for the construction of ML-1 was not yet approved but now the Planning Commission and Ministry of Railways decided to accelerate the process of approving this project in phased manner. The PC-1 for ML-1, he said, would be submitted again for getting approval from different forums.

Earlier, the Ministry of Railways had submitted PC-1 for ML-1 before the CDWP but it did not get approval because of certain observations made over the PC-1 for first phase with estimated cost of around $2.6 billion.

The government, he said, was going to request China to extend loan for extended period with spread over of 30 years and with minimum interest rates. He said that Pakistan also decided to seek financing for construction of KCR as the Orange Line Project was completed in Lahore so Sindh project should also be financed through this pattern. He said that Gwadar projects including construction of hospital, vocational training center and additional financing for Eastbay Expressways as China would provide loan on zero interest rate.

The Secretary Planning said that Pakistan and China would sign agreement for promoting cooperation in areas of agriculture research as National Agriculture Research Council (NARC) Pakistan and Chinese side would establish institutional cooperation to promote agriculture sector. The groundbreaking of SEZ at Rashakai, he said, would be done in November as the date to this effect would be announce on eve of JCC meeting.

“We have proposed incentive package for the SEZs and proposed draft shared with the Board of Investment after conducting comparative analysis of comparable economies in a bid to provide best of the best package for SEZs for potential investors”, he said and added that this upcoming package would determine the success of the SEZs.


Popular posts from this blog

SSG Commando Muddassir Iqbal of Pakistan Army

“ Commando Muddassir Iqbal was part of the team who conducted Army Public School operation on 16 December 2014. In this video he reveals that he along with other commandos was ordered to kill the innocent children inside school, when asked why should they kill children after killing all the terrorist he was told that it would be a chance to defame Taliban and get nation on the side. He and all other commandos killed children and later Taliban was blamed. Muddassir Iqbal has deserted the military and now he is  with mujahedeen somewhere in AF PAK border area” For authenticity of  this tape journalists can easy reach to his home town to interview his family members or   ISPR as he reveals his army service number” Asalam o Alaikum: My name is Muddassir Iqbal. My father’s name is Naimat Ali. I belong to Sialkot divison (Punjab province), my village is Shamsher Poor and district, tehsil and post office  Narowal. Unfortunately I was working in Pakistan army. I feel embarrassed to tell yo

RWR Advisory: Belt and Road at a Glance

This edition covers developments from March 12 - March 26..  Belt and Road at a Glance   Subscribe to the Belt and Road Monitor Top Developments China National Machinery Industry Corporation, commonly known as Sinomach, has agreed to  build  a $845 million, 255-mile railway across  Iran , building upon a sustained period of growth for Chinese investment in Iran that accelerated after Xi Jinping’s state visit to the country in January 2016. The railway will link the cities of Tehran, Hamedan and Sanandaj. China Civil Engineering Construction, a subsidiary of CRCC, is currently also  building  a 263-km railway line from Kermanshah to Khosravi. According to Chinese entrepreneur Lin Zuoru, who  owns  factories in Iran, “Iran is at the center of everything.”On March 23, China’s Ministry of Commerce announced that foreign direct investment by Chinese companies in 50 Belt and Road countries fell by 30.9% year-on-year. While the Ministry stated that this number covers investment across al

CPEC Jobs in Pakistan, salary details

JOBS...نوکریاں چائنہ کمپنی میں Please help the deserving persons... Salary: Salary package in China–Pakistan Economic Corridor (CPEC) in these 300,000 jobs shall be on daily wages. The details of the daily wages are as follows; Welder: Rs. 1,700 daily Heavy Duty Driver: Rs. 1,700 daily Mason: Rs. 1,500 daily Helper: Rs. 850 daily Electrician: Rs. 1,700 daily Surveyor: Rs. 2,500 daily Security Guard: Rs. 1,600 daily Bulldozer operator: Rs. 2,200 daily Concrete mixer machine operator: Rs. 2,000 daily Roller operator: Rs. 2,000 daily Steel fixer: Rs. 2,200 daily Iron Shuttering fixer: Rs. 1,800 daily Account clerk: Rs. 2,200 daily Carpenter: Rs. 1,700 daily Light duty driver: Rs. 1,700 daily Labour: Rs. 900 daily Para Engine mechanic: Rs. 1,700 daily Pipe fitter: Rs. 1,700 daily Storekeeper: Rs. 1,700 daily Office boy: Rs. 1,200 daily Excavator operator: Rs. 2,200 daily Shovel operator: Rs. 2,200 daily Computer operator: Rs. 2,200 daily Security Supervisor: Rs.