China Exim Bank to invest billion of dollars in Pakistan’s energy sector

KARACHI (PR): China’s Exim Bank has pledged to invest billions of dollars in Pakistan’s energy sector, in line with the Chinese government’s policy to have maximum economic interaction between the two brotherly countries, says a press release received here Wednesday.

In this connection, a framework of credit financing will be signed during the forthcoming visit of the Chinese President to Pakistan, said Lei Wentao, Deputy General Manager of Exim at a press briefing held here on Wednesday.

The bank has already provided dollars 800 millions to Pakistan as financial support for carrying out its development projects, mainly in energy and transport sectors.

Lei said a number of agreements and MoU will be signed during the President’s visit to help Pakistan to improve economy.

To question, he said the financial arrangements with Pakistan have been smooth and positive in the past. ” Pakistan has very good credit record”, he remarked.

He further said that Chinese leadership attached great importance to Pakistan and wished actively participation of its socioeconomic development. The Bank, he added, is willing to provide maximum support to Pakistan for overcoming its electricity shortage.

We are waiting feasibility reports of some projects from Pakistan, so that the financial arrangements could be finalized,” he added. He said they are also looking forward to invest heavily in construction of Pak-China economic corridor.

To another question, Lei said 90 percent credit of the bank to Pakistan is going to energy sector, hoping Pakistan will soon overcome this problem.

He also appreciated the current economic growth in Pakistan and said it is very attractive for the Chinese companies. More and more Chinese companies are now willing to invest in Pakistan.

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