China’s Xi in Pakistan to cement $46 billion in deals
Source: AP
ISLAMABAD
Chinese President Xi Jinping arrives in Pakistan on Monday to seal deals for $46 billion in economy-transforming investments in the country’s crumbling infrastructure, a move that will extend Beijing’s commercial and military reach to the mouth of the Persian Gulf and allow China to supplant the United States as Pakistan biggest investor.
U.S. investment between 2010 and 2014 in Pakistan totaled $5 billion.
The lion’s share of China;s 15-year investment program, $34 billion, will be go commercial power generation projects that by 2018 could bring an end to the crippling electricity shortages that for the last five years have cost Pakistan about 2 per cent in annual gross domestic product growth.
A further $12 billion will be invested in the Pakistan-China Economic Corridor, a network of highways, railways and pipelines that would link the Chinese province of Xinjiang to a Chinese-financed and -operated commercial seaport at Gwadar, near Pakistan’s border with Iran.
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