Baliyans Prelims Tests
Short Notes IAS CS365 2023
Short Notes IAS PQRN 2023
 
Amazon Book Sale
 
Short Notes IAS CS365 2023
Home » Important News » China stopped funding CPEC road projects

China stopped funding CPEC road projects

UPSC Telegram Channel Links

Related image

Highlights

  • China has decided to temporarily stop funding at least three major road projects in Pakistan, being built as part of the $50 billion China-Pakistan Economic Corridor
  • Decision by the Chinese government is likely hit over Rs 1 trillion-worth road projects of the Pakistan’s National Highway Authority (NHA), Dawn newspaper reported

ISLAMABAD: China has decided to temporarily stop funding at least three major road projects in Pakistan, being built as part of the $50 billion China-Pakistan Economic Corridor, following reports of corruption, a decision that has left officials in Islamabad “stunned”, a media report said on Tuesday.

The decision by the Chinese government is likely hit over Rs 1 trillion-worth road projects of the Pakistan’s National Highway Authority (NHA), and initially, may delay at least three such ventures, Dawn newspaper reported.

According to a senior government official, the funds would be released after Beijing issues ‘new guidelines’.

The nearly $60 billion CPEC, a flagship project of China’s prestigious One Belt One Road, passes through Pakistan -occupied Kashmir (PoK). It links China’s restive Xinjiang region with Pakistan’s Balochistan province.

The road projects that are likely to be affected include 210-km-long Dera Ismail Khan-Zhob Road, being built at an estimated cost of Rs 81 billion. Of this, Rs 66 billion would be spent on construction of road while Rs 15 billion on land acquisition.

The other project which is going to be hit is 110-km-long Khuzdar-Basima Road, having an estimated cost of Rs 19.76 billion.

The third project is Rs 8.5 billion worth, the remaining 136-km of Karakarom Highway (KKH) from Raikot to Thakot.

Originally, all the three projects were part of the Pakistan government’s own development programme, but in December 2016, the NHA spokesperson had announced that they would be included under the CPEC umbrella so as to become eligible for concessionary finance from China.

“The funds for the three road projects were approved in the 6th Joint Cooperation Committee meeting held last year, pending necessary procedural formalities.

“It was expected that the funding of the three projects would be finalized during the Joint Working Group (JWG) meeting held on November 20, but Pakistan was informed in the meeting that ‘new guidelines’ will be issued from Beijing under which new modus operandi for release of the funds will be described,” the official was quoted as saying by the newspaper.

CPEC was launched in 2015 when President Xi Jinping visited Pakistan and it now envisages investment of around $50 billion in different projects of development in Pakistan.
Source : TOI

Receive the latest articles in your inbox

UPSC Telegram Channel Links
 

Disclaimer:-

freeupscmaterials.org does not own this Materials, Test Series or anything we share, neither created nor scanned. we just providing the links already available on Internet. and also we doesn't Own any trademarks or copyrights of any institute like Vision IAS, Vajiram and Ravi, Gs Score, Insight IAS, IAS Baba, Forum IAS, Shankar IAS and others which we share are purely for Education purpose only and all copyrights and Trademarks lies with the respective Institutes/Comapanies only. We don't intend to either harm or encash your hard work, if any way you feel that our content violates any Copyrights or any privacy laws or if you have any issue, please let us know at [email protected] and we will definitely try to provide possible solution for the same. Thank you.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.