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China stops funding CPEC road projects, Pakistan ‘stunned’: Report

CPEC

Islamabad: China has decided to stop funding at least three major road projects in Pakistan, being built as part of the $50 billion China-Pakistan Economic Corridor (CPEC), according to sources.

The decision by the Chinese government is likely hit over Rs 1 trillion-worth road projects of the Pakistan’s National Highway Authority (NHA), and initially, may delay at least three such ventures, sources said.

The nearly $60 billion CPEC, a flagship project of China’s prestigious One Belt One Road, passes through PoK. It links China’s restive Xinjiang region with Pakistan’s Balochistan province.

The road projects that are likely to be affected include 210-km-long Dera Ismail Khan-Zhob Road, being built at an estimated cost of Rs 81 billion. Of this, Rs 66 billion would be spent on construction of road while Rs 15 billion on land acquisition.

The other project which is going to be hit is 110-km-long Khuzdar-Basima Road, having an estimated cost of Rs 19.76 billion.

The third project is Rs 8.5 billion worth, the remaining 136-km of Karakoram Highway (KKH) from Raikot to Thakot.

CPEC was launched in 2015 when President Xi Jinping visited Pakistan and it now envisages an investment of around $50 billion in different projects of development in Pakistan.

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