ISLAMABAD: The Senate Special Committee on China Pakistan Economic Corridor (CPEC) has been informed that Pakistan is the first recipient country of newly formed Chinese aid agency - State International Development Cooperation Agency (SIDCA), a news source reported.
The meeting of the committee was presided over by its Chairperson Senator Sherry Rehman. Minister for Planning, Development and Reform Makhdoom Khusro Bakhtiar was also present at the occasion.
China would provide a grant of USD 1 billion (PKR 151 billion) for various projects for socio-economic uplift in Pakistan.
Secretary Planning Zafar Hassan told the committee that China would provide the grant in two stages. Under the first stage, the country would invest USD 200 to USD 300 million in 16 small social projects, which would be completed within a year, while the remaining amount will be issued in three months.
SIDCA has been established along the lines of USAID and would provide pure grants, with no repayment, to many of the Gwadar projects as well.