Islamabad, Oct 28: China Grants $1.6 Billion to Pakistan for Karakoram Highway
In order to obtain long-term finance for the project that would improve transportation efficiency and stimulate economic activity along this route, the Finance Ministry, Planning Commission, and Economic Affairs Division are negotiating with Chinese officials.
High-quality bridges, strengthened slopes, and bypasses to ease traffic around densely populated areas are all part of the project, according to sources. The China-Pakistan Economic Corridor (CPEC) is likely to award the contract to a joint venture between a Chinese and a Pakistani enterprise.
Prime Minister Shehbaz Sharif has been updated on the project’s status, according to the sources. To complete the deal, a high-level Pakistani delegation may visit China.
As part of larger efforts for CPEC Phase II, China is also anticipated to sign four more contracts with Pakistan as part of the expansion of CPEC, including collaborations in information technology and agriculture.
