{"id":57301,"date":"2019-11-06T18:12:20","date_gmt":"2019-11-06T13:12:20","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=57301"},"modified":"2020-02-12T12:09:55","modified_gmt":"2020-02-12T07:09:55","slug":"pakistan-calls-china-loan-funds-ml-1-other-projects","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pakistan-calls-china-loan-funds-ml-1-other-projects.html","title":{"rendered":"Pakistan calls on China to loan funds for ML-1, other projects"},"content":{"rendered":"<p>Islamabad: The government of Pakistan on Tuesday requested China to finance the USD 9 billion Main Railway Line (ML-1) project, along with several other road and infrastructure development initiatives, to further their cooperation under the China-Pakistan-Economic-Corridor (CPEC) programme, according to news sources. The publication further revealed that Pakistan had also reaffirmed its commitment to complete the 2,400-kilometres-long fencing work along the Afghan and Iran borders on a priority basis.<\/p>\n<p>These developments surfaced during the 9<sup>th<\/sup> Joint Cooperation Committee (JCC) meeting of CPEC. During this session, the two countries approved of the Gwadar Smart City Master Plan. They also signed two memorandums-of-understanding (MoUs) to join forces in developing the trade and healthcare sectors. Additionally, the meeting inaugurated the 392-kilometre-long Multan-Sukkur Motorway that has been completed through Chinese funding estimated to be around PKR 294 billion. The minutes of the meeting were also signed on the occasion.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/work-ml-1-project-begin-march-2020.html\" target=\"_blank\" rel=\"noopener noreferrer\">Work on ML-1 project to begin in March 2020<\/a><\/p>\n<p>The JCC meeting was presided over by the co-chairs, Planning Minister Makhdum Khusro Bakhtyar, and China\u2019s National Development and Reform Commission Vice Chairman Ning Jizhe.<\/p>\n<p>The meeting formed a joint project financing body to begin the arrangements to procure the funds for the ML-1. Minister Bakhtyar revealed that the groundbreaking ceremony of the project is planned to be held within the next six months.<\/p>\n<p>He stated that owing to the limitations of the Pakistan Railways, the government had decided to take a loan to complete the project. He added that this loan would not impact the national debt-to-GDP situation, as the project would be completed in the next five to six-years.<\/p>\n<p>The issues regarding the use of Chinese currency (RMB) was also taken up for further discussion, as it is one of the six major currencies in the International Monetary Fund Basket. An expert group at the Central Bank will examine how to move forward in this regard after consulting other experts.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/eighteen-hundred-km-dual-track-to-be-constructed-under-cpec.html\" target=\"_blank\" rel=\"noopener noreferrer\">ML-1&#8217;s 1,800km dual track to be constructed under CPEC<\/a><\/p>\n<p>Minister Bakhtyar said that the JCC reviewed energy projects worth USD 12 billion and were satisfied at the pace of development for each, as they are all set to be completed within the next five to ten years.<\/p>\n<p>While talking about the M-6 (eastern corridor from <a href=\"https:\/\/www.zameen.com\/news\/govt-shelves-hyderabad-sukkur-motorway-project.html\" target=\"_blank\" rel=\"noopener noreferrer\">Sukkar to Hyderabad<\/a>), he revealed that it would be finished under the \u2018build-operate-transfer\u2019 and \u2018public-private-partnership\u2019 models, and he further urged Chinese firms to participate in the bidding for this project.<\/p>\n<p>Please note that this year\u2019s Chinese delegation that attended JCC was the largest yet, and this enthusiastic participation is associated with China\u2019s resolve to contribute to the socio-economic and industrial success of CPEC\u2019s second phase.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The government of Pakistan on Tuesday requested China to finance the USD 9 billion Main Railway Line (ML-1) project, along with several other road and infrastructure development initiatives, to further their cooperation under the China-Pakistan-Economic-Corridor (CPEC) programme, according to news sources. The publication further revealed that Pakistan had also reaffirmed its commitment to complete the 2,400-kilometres-long fencing work along the Afghan and Iran borders on a priority basis. These developments surfaced during the 9th Joint Cooperation Committee (JCC) meeting of CPEC. During this session, the two countries approved of the Gwadar Smart City Master Plan. They also signed two memorandums-of-understanding (MoUs) to join forces in developing the trade and healthcare sectors. Additionally, the meeting inaugurated the 392-kilometre-long Multan-Sukkur Motorway that has been completed through Chinese funding estimated to be around PKR 294 billion. The minutes of the meeting were also signed on the occasion. Read:\u00a0Work on ML-1 project to begin in March 2020 The JCC meeting was presided over by the co-chairs, Planning Minister Makhdum Khusro Bakhtyar, and China\u2019s National Development and Reform Commission Vice Chairman Ning Jizhe. The meeting formed a joint project financing body to begin the arrangements to procure the funds for the ML-1. Minister Bakhtyar&hellip;<\/p>\n","protected":false},"author":75,"featured_media":44073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[13822],"persona":[],"class_list":{"0":"post-57301","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-details-on-pakistan-calls-on-china-to-loan-funds-for-ml-1-other-projects"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pakistan calls on China to loan funds for ML-1, other projects - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The government of Pakistan on Tuesday requested China to finance the USD 9 billion Main Railway Line (ML-1) project, along with several other\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/pakistan-calls-china-loan-funds-ml-1-other-projects.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pakistan calls on China to loan funds for ML-1, other projects - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The government of Pakistan on Tuesday requested China to finance the USD 9 billion Main Railway Line (ML-1) project, along with several other\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/pakistan-calls-china-loan-funds-ml-1-other-projects.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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