Chinese firm to provide Rs15 billion loan to Gwadar port authority

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KARACHI: China Communication Construction Company (CCCC) will be providing a Rs15billion interest-free loan to the Gwadar Port Authority (GPA) for the establishment of road and railway track.

This was shared by State Minister for Ports and Shipping Chaudhry Jaffar Iqbal after the conclusion of a high-level meeting held at Pakistan National Shipping Corporation head office on Thursday.

This funding from CCCC will be used to construct a railway track and six-lane road from GPA to Coastal highway. Iqbal said the Gwadar port would be ready and will handle one of the biggest ships expected to arrive on 18th October, said a local newspaper.

For cargo transportation, a rail service would also be established from the newly constructed deep-sea terminal to Pipri, he added.

While presiding over the meeting convened to monitor the status of projects falling under the Ministry of Ports and Shipping, Iqbal said the performance of PNSC management had been very good and profitability also increased considering that shipment sector faced global recession.

He highlighted the increase in stock price of PNSC and the growth in its EPS, followed by an improvement in its credit rating.

Iqbal also complimented PNSC for its critical role in solidifying the country’s maritime sector, which includes the Keamari and Gwadar oil storage facility and Gwadar’s maritime workshop.

He said the timely completion of these projects within the assigned budget was of critical importance and the significance they held in light of China-Pakistan Economic Corridor (CPEC).