Billions needed to expand CPEC

Pakistan may seek a multibillion-dollar financing window from China to fund 10,000 megawatts solar-powered electricity generation projects, as it is also set to make a new pitch for further expansion of the China-Pakistan Economic Corridor (CPEC) during Prime Minister Shehbaz Sharif’s visit. PM Shehbaz Sharif chaired a meeting on Wednesday to review and finalise the agenda for his maiden visit to Beijing, expected on November 1st. Pakistan has a long list of projects, including billions of dollars’ worth new schemes that it wants China to finance. These include a tripartite agreement between China, Pakistan and Saudi Arabia to set up an oil refinery in Gwadar. The government is planning to setup 10,000 MW solar power plants with an estimated value of $5 billion. “We are keen to get up to $2 billion Chinese financing and will pitch a generalised framework agreement for signing during the PM’s visit,” said an official of the energy ministry. The request for Chinese financing for the solar power plants will depend upon the outcome of planned international competitive bidding for the plants and its endorsement by the Joint Cooperation Committee (JCC) of the CPEC meeting. The 11th session of the JCC is also tentatively scheduled for October 27th, according to officials.