Out of a total budget estimated financing of $60 million for the current fiscal year, nine ongoing development projects, including four under the China Pakistan Economic Corridor (CPEC), received no funding from China.
According to an official document, the Pakistani government expected to receive a $6.250 million loan from China for the Havelian-Thakot KKH Phase-II project during the current fiscal year.
Contrary to budget estimates for the CPEC project, financing from China may not be available during the first half of the current fiscal year. According to official documents, the National Highway Authority (NHA) was the project’s executing agency, and it was supposed to be completed in five years on April 30, 2021.
The upgrading of Pakistan Railway’s existing Mainline-1 (ML-I) and the establishment of a dry port near Havelian (2018-2022) were also CPEC projects.
The government budgeted for a loan of $18.684 million, but the Chinese side has shown no interest in this project thus far.
Another significant CPEC project that did not receive Chinese financial support was the construction of the Expressway on the Eastbay of Gawadar Port. The government had an estimated loan of $11.603 million from China, but it was unable to obtain funds in this regard.
According to the document, the project’s original completion date was December 31, 2021. According to sources close to the situation, this project is still in the works.
According to some experts, the estimated amount could be realised during the second half of the fiscal year.
To read our blog on “Pakistan and China wants to accelerate CPEC Phase-II,” click here.
