Pakistan to seek $2.7 billion loan from China for CPEC construction project
Pakistan has decided to seek USD 2.7 billion loan from China for the construction of package-I of the Mainline-1 project of China Pakistan Economic Corridor (CPEC).
Citing government officials, The Express Tribune has reported that the sixth meeting of the financing committee on ML-1 project, which includes dualisation and upgrading of the 1,872 km railway track from Peshawar to Karachi, decided that Pakistan would initially request China to sanction only USD 2.73 billion in loan out of the total estimated Chinese financing of about USD 6.1 billion.
This development comes even as Pakistan’s economy has been teetering on the verge of bankruptcy for some time and the COVID-19 pandemic has made the situation even worse.
