CPEC

Pakistan government has decided to invest $8 billion in the Gwadar project.  The Senate Special Committee on China Pakistan Economic Corridor (CPEC) was informed by the Minister for Planning, Development, and Reforms that, $8 billion investment in the Gwadar oil city is expected by the government.

As per the details, $8 billion investment will be done in the Gwadar project and petrochemical chain part of the China Pakistan Economic Corridor.

Pakistan and China are also collaborating on commercial and residential projects in Gwadar. China Pakistan Investment Corporation (CPIC) and BIDR signed a deal to initiate two mega residential and commercial projects in Gwadar. The projects included international port city, China Pak Golf Estates and the two other projects approved by the Gwadar Development Authority (GDA). The projects under development are worth more than $500 million.

Must read: 26 Countries to Participate in an Economic & Political Affairs Meeting in Gwadar

Syed Zeeshan Shah who is CPIC Global Founding Board member said,  “This is a momentous occasion for us. We are setting a new standard for community development in Pakistan and working with a global leader like BIDR will enable us to deliver our projects on time and on budget.”

Furthermore, we earlier informed our readers that Director General, Planning and Development Gwadar Port Authority Munir Ahmed Jan said that “Under the expansion plan, five new berths will be added to existing three berths to handle bigger ships.”