Chinese bank to invest in Pakistan's energy sector

BEIJING - China's Exim Bank has pledged to invest billions of dollars in Pakistan's energy sector, in line with the Chinese government's policy to have maximum economic interaction between the two brotherly countries.

In this connection, a framework of credit financing will be signed during the forthcoming visit of Chinese President Xi Jinping to Pakistan, said Lei Wentao, deputy general manager of Exim Bank at a press briefing held here on Wednesday. The bank has already provided $800 million to Pakistan as financial support for carrying out its development projects, mainly in energy and transport sectors.

Lei said a number of agreements and memorandum of understanding (MoU) will be signed during the president's visit to Pakistan to help improve its economy. To a question, he said that the financial arrangements with Pakistan have been smooth and positive in the past. "Pakistan has a very good credit record," he said.

He further said that the Chinese leadership attached great importance to Pakistan and wished active participation of its socioeconomic development, adding that the bank is willing to provide maximum support to Pakistan for overcoming its electricity shortage. "We are waiting for the feasibility reports of some projects from Pakistan, so that the financial arrangements could be finalised," he said.

He said that China is also looking forward to invest heavily in construction of Pak-China economic corridor. To another question, Lei said that 90 per cent credit of the bank is going to the energy sector, hoping Pakistan will soon overcome this problem. He also appreciated the current economic growth in Pakistan and said it is very attractive for the Chinese companies. "More and more Chinese companies are now willing to invest in Pakistan," he said.


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