ISLAMABAD: The current outstanding outstanding of revolving credit for Chinese Independent Power Producers (IPPs) has increased to Rs 350 billion with increasing demands to clear the backlog.
The outstanding balance of Chinese IPPs is Rs 350 billion which is being repaid at the rate of 14% while the remaining 86% is being repaid regularly. CPPAG said further improvements will be made,” it was announced during the CPEC review meeting here on Friday.
Planning Minister Ahsan Iqbal chaired the meeting and discussed the progress on Special Economic Zones, ML-1, KCR and various new development initiatives being discussed by the Joint Working Groups (JWGs).
According to sources, without making any substantial progress towards finalizing the financing plan for the construction of the ML-1 project, the CPEC Progress Review Committee was told that the Chinese side was working on the multi-billion dollar financing mechanism. Is. Project
A meeting of the Joint Finance Committee on ML-1 is expected during this month to finalize the terms and launch package-1 of ML-1, top government sources were quoted as saying in the meeting. will go.”
The Chinese side requested Pakistan to share the latest feasibility study of Karachi Circular Railway (KCR) as the feasibility study conducted in 2017 is out of date. The Sindh government was asked to share the latest feasibility study of KCR. The Sindh government representative assured to discuss the matter with the consultants and give a timeline to update the feasibility in 15 days.
The Planning Minister emphasized the importance of increasing Pakistan’s exports and directed China to implement the Prime Minister’s suggestion to engage its professionals during his visit to China to help develop Pakistan’s export sector. do He said that the top priority of the government’s 5Es agenda is to increase exports and Pakistan can benefit from Chinese expertise in this regard.
The latest status of Special Economic Zones (SEZs) was also discussed in which the Minister directed to make SEZs a tool to boost exports. He said that SEZs can promote cooperation and innovation, which can lead to the development of new products and services in line with the demands of international markets.
The meeting also discussed proposals for the upcoming Joint Working Group (JWG), including a study on identification of Advanced Metering Infrastructure (AMI) solar projects and pumped storage hydropower projects. Ahsan directed the officials to review all the metrics and update the progress.
Apart from this, they also discussed ML One and KCR projects. The Minister said that we are committed to ensure the development of CPEC and its successful implementation. “We are taking all necessary steps to address critical issues and increase exports, and we are grateful for China’s continued support in this regard.”
The meeting concluded by emphasizing the need for close cooperation between Pakistan and China to ensure the successful implementation of CPEC and the achievement of the common goal of regional prosperity.
