BEIJING: Pakistan and Export-Import Bank of China (China Exim) on Friday signed a Memorandum of Understanding (MoU) worth $700 million - a step that will help generate electricity for local community through 12 small-and medium-sized dams and water reservoirs in all the four provinces of Pakistan.
Farrukh Qayyum, Secretary Economic Affairs Division, and Zhu Li, Executive of China Exim signed the MoU, said a press release. Salman Farooqui, Secretary General to President Asif Ali Zardari witnessed the signing ceremony. Chairman Water and Power Development Authority (WAPDA) Shakeel Durrani, Pakistan's Ambassador to China Masood Khan and senior officials of the Pakistan Embassy were also present.
Speaking on the occasion, Farooqui said construction of small- and medium-sized dams and water reservoirs in far-flung areas of Pakistan will contribute substantively to uplift economic conditions of the poor people.
He said President Asif Ali Zardari had sent him to China with special instructions to expedite all economic projects under implementation between Pakistan and China. He termed signing of the MoU as a landmark achievement of his visit. Zhu Li, on the occasion, referred to the Pakistan-China friendship as a model of friendly relations and stated that his bank will continue to extend its support to economic and commercial projects in Pakistan. -APP
Wednesday, July 1, 2009
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