Chinese authorities have approved additional amount for China-Pakistan Economic Corridor (CPEC) reaching the total amount of the economic corridor more than $62 billion, Sindh Governor Mohammad Zubair said on Wednesday.
The investment is approved for different projects of construction, energy and establishment of industrial zones. It includes $34 billion of for energy projects in Pakistan, governor Sindh said while speaking at a conference on “Infrastructure demand and financing” organised by credit rating agencies Pacra (Pakistan) and Dagong (China).
The meeting was attended by Dagong Chairman Guan Jianzhong and former finance secretary Dr Waqar Masood Khan, former Chief Executive Engro Corporation Ali Ansari, Chief Economist of Bank Alflah Dr Mushtaq Ali Khan, renowned economist Shabbar Zaidi and others.
“Due to excellent governance and economic policies of the federal government, the country has started getting results,” the governor said. By end of this year, GDP growth will reach 5 per cent and the government’s target is six to seven per cent, he added.
The fiscal deficit of the country has decreased from 8.6 to 4 per cent. Infrastructure, law and order and provision of basic necessities to the public are a priority of the government.
Initially, CPEC was started with $46 billion in 2015 and then gradually the Chinese authorities have been increasing the volume.
Previously, when Federal Minister of Planning, Development and Reform Ahsan Iqbal, Federal Minister of Railways Khawaja Saad Rafique and chief ministers of provinces visited China about three months ago, China increased the volume to $55 billion.
