Construction of 12 dams: China's EXIM Bank to provide $700 million

[LahoreEstate]

BEIJING (June 20 2009): The Government of Pakistan and China's EXIM Bank have signed a Memorandum of Understanding (MoU) for $700 million to finance the construction of 12 small and medium sized dams. Secretary General to the President, Salman Faruqui, said here on Friday that the credit line would help in the construction of dams and water reservoirs for generation of electricity to local communities in all the four provinces. It would also help irrigate millions of acres of agricultural land, he added.

"This credit line will help us alleviate poverty," the Secretary General said after the MoU signing ceremony at the EXIM Bank. Secretary Economic Affairs Division, Farrakh Qayyum, and Executive of the EXIM Bank of China, Zhu Li, signed the MoU.

WAPDA Chairman, Shakeel Durrani, Pakistan's Ambassador to China, Masood Khan, and senior officials of the Pakistan Embassy witnessed the signing ceremony. The Secretary General said President, Asif Ali Zardari had sent him to China with special instructions to expedite all economic projects under implementation between Pakistan and China.

The Secretary General said the construction of small and medium sized dams and water reservoirs in far-flung areas of the country would help improve living standard of poor people, and provide them employment opportunities.

He pointed out that alleviating poverty was one of the top priorities of the PPP government. He appreciated the EXIM Bank of China for smooth processing of the financial package. The Executive of the EXIM Bank on the occasion referred to the Pakistan-China friendship as a model of friendly relations, and said his bank would continue to extend its support to economic and commercial projects in Pakistan.

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