Islamabad, Aug. 8 (TNS): China Pakistan Economic Corridor (CPEC) projects do not impose any immediate debt burden on Pakistan, says a press release issued by the Planning Ministry on Wednesday.
While refuting Western media reports regarding CPEC, it said these projects are financed through a composite financing package comprising long-term concessional and preferential loans, as well as grants from the Government of China.
The statement said energy sector is a key priority area under CPEC’s early-harvest phase and responds to Pakistan’s immediate energy needs.
He said CPEC has provided enormous opportunities for Pakistan to grow economically.
Under CPEC, development of Gwadar would ensure strengthening of maritime sector particularly the coastal tourism and local fishery industry which will benefit the local people.