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NSA invites neighboring countries to invest in CPEC

NSA invites neighboring countries to invest in CPEC

NSA asks neighboring countries to invest in the China-Pakistan Economic Corridor. Dr. Moeed Yusuf, NSA, welcomed surrounding the countries to invest in the multimillion-dollar China-Pakistan Economic Corridor (CPEC). He called it a game-changer for the whole region.

Dr. Moeed told  that CPEC was not only a moniker for a road or railway system. A far-reaching megaproject that would bring about a “economic revolution”. The security adviser expressed hope that “the dreams associated with CPEC will come true.

He said the bilateral ties between Pakistan and China were improving year on year.  He added that China was a reliable ally who had always supported Pakistan in times of need.

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In response to a question about Kashmir. Dr. Moeed stated religious intolerance was rising in India under Modi. He said that “no minorities are secure in India, not even Muslims or Dalits.”

Dr. Moeed explained that CPEC was not just a catch-all term for a road or rail infrastructure. A massive undertaking that would result in a “economic revolution.” The security adviser expressed hope that “CPEC’s dreams will come true.” He stated that Pakistan’s bilateral relations with China were improving year after year.

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He urged the international community to hold India accountable for abuses in Jamm. NSA asks neighboring countries to do investment in the China-Pakistan Economic Corridor.

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The CPEC Thahkot-Havelian has been named ENR's best project

The CPEC Thahkot-Havelian has been named ENR’s best project

The CPEC Thahkot-Havelian has been named ENR’s best project. The Engineering News-Record, an American weekly magazine, has named the Karakoram Highway Phase-II (Thahkot-Havelian) the winner of the Global Best Projects Juried Competition. The project is a mandatory component of the China-Pakistan Economic Corridor (CPEC).

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“Following numerous hours of study and debate, a panel of industry veterans has determined the winners of ENR’s 9th annual Global Best Projects competition,” according to an ENR statement.

It continued, “Like ENR’s famous regional and national contests in the United States, Global Best Projects finds and celebrates their teams responsible for the year’s most exceptional design and construction accomplishments.” ENR has chosen the CPEC Thahkot-Havelian as the year’s finest project.

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The ENR is widely considered one of the most respected magazines in the building business. Meanwhile, China’s Ambassador to Pakistan, Nong Rong, congratulated him on earning the honor in a tweet.

“The Engineering News-Record (ENR) has revealed the winners of the Global Best Projects Juried Competition. My heartfelt congrats to the KKH Phase-II (Havelian-Thakot), a significant transportation infrastructure project inside #CPEC, for obtaining the best annual award.

“Bridge/Tunnel Award!” he exclaimed, adding, “CPEC has the world’s best bridges and tunnels.” Efforts were rewarded with honor”. ENR has awarded the CPEC Thahkot-Havelian the best project of the year.

The project’s primary structure consists of 60 large bridges, 45 intermediate and small bridges, 11 flyovers, 464 culverts, 40 underpasses, six tunnels (2 on the Expressway section and four on the Class-II Highway section), three interchanges, two service areas, three tunnel management stations, and six tool stations.

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Chinese companies are irritated by the slow pace of work on CPEC

Chinese companies are irritated by the slow pace of work on CPEC

Chinese companies are irritated by the slow pace of work on CPEC. On Thursday, a Senate panel expressed concern about the slow pace of development on the China-Pakistan Economic Corridor (CPEC) and the dissatisfaction expressed by Chinese companies with the corridor’s scant progress over the last three years.

Saleem Mandviwalla stated that the Chinese were dissatisfied with the pace of work on CPEC and that the portfolio had made no progress in the last three years. “They are in tears,” Mr Mandviwalla said, adding that the “Chinese ambassador has complained to me that you have destroyed CPEC and that nothing has been accomplished in the last three years.”

Special Assistant also endorsed Mr Mandviwalla to the Prime Minister on CPEC Affairs Khalid Mansoor. They stated that Chinese companies were dissatisfied with the government’s institutions and pace of work. He said that he was not happy with the progress of the Gwadar Airport project and assured the panel that things had stabilised.

Mr Mansoor, who joined the government following the ouster of former CPEC Authority chief Asim Saleem Bajwa, briefed the committee on the issues confronting investors regarding compliance with investment and agreement requirements for CPEC – Phase 1 Power Projects. These included payment issues with independent power producers (IPPs), long-overdue overdrafts, the establishment of a revolving account for automatic payments, and an increase to 25% from 7.5pc of sponsors’ post-investment dividends.

The adviser assures the Senate panel that the situation has stabilised.

He stated that the authorities now intend to establish an investment facilitation centre to provide a single point of contact for all Chinese investors. He said that 135 Chinese companies were operating in Pakistan on CPEC and other projects. The top priority now was to re-establish the confidence of those involved in the project.

They informed the committee that it had completed 21 projects totalling $15.7 billion. Ten of these were power projects totalling 5,320MW and a high-voltage direct current transmission line worth $9.6 billion, five infrastructure projects totalling $5.8 billion in the road, mass transit, and optical fibre, two projects totalling $300 million in Gwadar Port and Free Zone and City Master Plan, and four social-economic development projects totalling $140 million. Thirty-one projects worth $9.3 billion are currently being implemented, while 36 projects worth $28.4 billion are being considered.

Mr Mandviwalla expressed resentment that the Planning Ministry did not consider the committee’s proposals and recommendations for various development projects for inclusion in PSDP at the provincial and federal levels.

Asad Umar, Minister of Planning, stated that the National Economic Council gave final approval to the PSDP projects (NEC). “The NEC approval is final,” he added, noting that no project may be brought to the NEC after March 31 next year. The committee directed that relevant sections plan for the coming year to submit required federal and provincial projects to the planning ministry by February.

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Negotiations to refinance $3 billion in CPEC debt have begun

Negotiations to refinance $3 billion in CPEC debt have begun

Negotiations to refinance $3 billion in CPEC debt have begun. Pakistan and China have begun discussions on a $3 billion loan rollover for the China-Pakistan Economic Corridor (CPEC). According to Khalid Mansoor, a prime minister’s advisor, they have also agreed to hold a long-delayed meeting of the CPEC strategic committee.

Announcing a delay in holding the CPEC Joint Cooperation Committee’s (JCC) 10th meeting and Pakistan’s uneasiness with future loan payments for CPEC energy projects sent mixed messages about the government’s commitment to the multibillion-dollar strategic endeavour.

For the debt restructuring of CPEC energy projects, “conversations with Chinese authorities have begun to achieve a win-win situation,” Special Assistant to the Prime Minister on CPEC Affairs Khalid Mansoor stated during his first press conference.

He maintained Pakistan’s commitment to paying payments on Chinese energy sector investments.

According to a diplomatic source, debt rescheduling discussions were in their infancy.

Mansoor took over as Pakistan’s CPEC point person from Asim Saleem Bajwa last month. However, Mansoor has not been notified of his appointment as head of the CPEC Authority.

In May, Special Assistant to the Prime Minister on Power and Petroleum Tabish Gohar told The Express Tribune that the government would persuade China to roll over about $3 billion in immediate loan repayments to 12 Chinese independent power producers due in three years. Negotiations to refinance $3 billion in CPEC debt have begun

Gohar stated that Pakistan would seek a 10- to 12-year deferral of the $3 billion repayments, which would result in a Rs1.50 per unit reduction in the tariff rise requirement.

China has built 12 power plants as part of CPEC, and Chinese debt repayment is included in electricity bills. They will be paid in rupees by consumers and repaid in dollars by the government.

Debt payments are required on various projects, including the Kohala hydropower project, the Karot hydropower project, the Suki Kinari power project, the Port Qasim power project, the Sahiwal power plant, the Hubco power plant, and the Engro power generating project. Negotiations to refinance $3 billion in CPEC debt have begun

Along with the $3 billion in principal payments, the next three fiscal years will see $1.5 billion in dividend payments.

In comparison to the $19 billion in inflows, the expected outflows from CPEC power projects are over $31 billion over a 20-year timeframe for dividend and debt repayments, according to December 2018 planning and development ministry documents.

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They had arranged Commercial financing at a rate of 4.5% for the construction of power plants. According to Mansoor, the Chinese embassy had communicated September 23 and 24 as the JCC’s tenth meeting dates.

China abruptly postponed the 10th JCC conference in July this year following the death of nine Chinese people in an incident. Negotiations to refinance $3 billion in CPEC debt have begun

The tenth JCC meeting is considered crucial for re-energizing CPEC, ensuring the effectiveness of the CPEC Long-Term Plan 2017-30, and resolving concerns confronting Chinese enterprises working on CPEC projects, such as a delay in clearing their power generation dues.

The 10th JCC meeting’s agenda also includes the provision of security for Chinese people and CPEC assets. The JCC meeting has been rescheduled after an almost two-year hiatus.

Both parties will address all obstacles that have slowed CPEC’s progress over the last three years. Seven years ago, the initial phase of CPEC selected a total of 27 projects for development, 17 of which were fast-tracked and ten of which were prioritized.

The fast-track projects were scheduled to be completed within the first year.
However, seven years into CPEC, just four of the seven fast-track projects have been completed, while the remaining six continue.

The federal government blames Covid-19 for the delayed progress of CPEC projects, while observers believe the Pakistan Tehreek-e-Insaf (PTI) administration intentionally put CPEC on hold.

CPEC has so far attracted $25 billion in investment, including $13 billion in finished projects, according to Mansoor.

He stated that the remaining $12 billion in projects would be completed in one year, implying a four-year delay compared to their initial schedules.

The SAPM stated that he has attempted to settle concerns affecting Chinese investors over the last two months. He said that Chinese firms had invested $845 million over the previous three years.

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China and Pakistan want the CPEC to be built to a high standard

China and Pakistan want the CPEC to be built to a high standard

China and Pakistan joined hands and pledged to build the China Pakistan Economic Corridor to the highest possible standard (CPEC). During the third Ministers strategic meeting, they aimed to tighten international and regional issues. Foreign Minister Shah Mehmood Qureshi and China State Councilor and Foreign Minister Wang Yi met in southwest China’s Sichuan region last week with a delegation from their respective countries. They discussed both countries’ present economic conditions throughout the meeting. They provide their perspectives on worldwide and regional issues.

 

For 70 years, the two countries have worked together to overcome numerous challenges. The goal of this bilateral fight was to forge an iron-bound friendship. Zhao went on to say that both China and Pakistan must do their best to improve relations and build a high level of mutual trust, help, and a peaceful atmosphere.

Furthermore, China was willing to continue working with Pakistan to use the 70th anniversary of diplomatic ties as an opportunity to further the development of a closer community with a shared destiny in a new region. Pak-China cooperation aims to benefit both nations and contribute more to regional stability and prosperity.

 

Chinese leaders have also expressed sadness at the United States’ decision to remove its forces. The action may spark debate in the affected areas. However, the expansion of China and Pakistan’s bilateral efforts to strengthen their strong ties could lead to Afghan peace. It will also help in the establishment of a high-quality China-Pakistan economic corridor (CPEC).

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