Saudi Arabia Not to Join CPEC

Saudi Arabia is to Invest in Pakistan under a Separate Bilateral Arrangement than CPEC. 
Saudi Arabia is not a part of $50 billion China-Pakistan Economic Corridor (CPEC) project as was anticipated earlier. The investment that has been proposed by Saudi Arabia for Pakistan will fall under a separate bilateral arrangement.

Minister for Planning and Development Khusro Bakhtiar spoke at a joint conference with the Infor­mation Minister Fawad Chaudhry and clearly stated that there has been no plan to add Saudi Arabia in CPEC. A question was asked to him regarding any possibility of Saudi Arabia joining Joint Working Groups (JWGs) or Joint Coordination Committee (JCC) on CPEC.

Also read: Saudi Arabia to join CPEC to make Gwadar an oil city

He clearly said, “Saudi Arabia is not to become a collateral strategic partner in the CPEC. This impression is not true.” He said that it’s not just Saudi Arabia can also become a part of business and investment projects arising from CPEC.

Adding “The framework between China and Pakistan is bilateral and Saudi Arabia is not entering that framework as a third-party investor, rather the base of CPEC will be broadened and its pace will be expedited.”

When the planning minister was asked about the reduction of Main Railway Line (ML-I) from$8.2bn to $6.2bn he expressed ignorance stating,  “I have noticed this today that Sheikh Rashid is making some efforts [to reduce cost] but not to my knowledge. Nothing has come in front of me to suggest that the cost has come down.”

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