China, Pakistan ink financing agreement on Thar coal project
China and Pakistan have signed a USD 820 million financing agreement for both the mining and associated power plant project in Thar
Karachi: China and Pakistan have signed a USD 820 million financing agreement for both the mining and associated power plant project in Thar.
According to the Express Tribune, Sindh Engro Coal Mining Company (SECMC) and Engro Powergen Thar Limited (EPTL) signed the local and foreign financing agreements in Beijing.
The project, which is expected to be completed by the end of 2017, will be the first such project in the China-Pakistan Economic Corridor.
A syndicate of local banks will provide Rs52 billion for the mining project, being undertaken by SECMC, and Rs.22 billion for the associated power plant being established by EPTL.
The project will cost over 2 billion U.S. dollars, including the exploitation of a 3.8-million-ton coal mine and the construction of a 660,000-kilowatt power station.
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