Karachi, 16 January 2021 (TDI): Special Assistant to Prime Minister (SAPM) Pakistan Khalid Mansoor on CPEC matters revealed to media about the recent developments in the project of the China-Pakistan Economic Corridor (CPEC).
Khalid Mansoor reveals CRBC Partnership
During a press conference, he told that China Road and Bridge Corporation (CRBC) is investing more than $3 billion for the development of the coastal area of Pakistan under the auspices of (CPEC) project.
In this regard, an Agreement between the Karachi Port Trust (KPT) Pakistan and CRBC is worth more than 3 Billion US Dollars. The involved parties signed the accord unanimously.
Besides that, Khalid Mansoor further stated that the Pakistani government is working on the development of Karachi’s coastal areas as part of the CPEC project. To be precise, commercial and housing developments would take place at KPT’s nearby Machar Colony in Karachi.
Along these lines, the Pakistani federal government previewed an aspiring plan under CPEC in the late last year. This is to replenish Karachi’s coastline with more than $ 3 billion in “direct Chinese investment”.
Likewise, the goal is to overhaul the city’s seaboard with new bays for the port. In addition to a new fishery port, and a ‘majestic harbor bridge’. Those designed to connect it to Manora islands and Sandspit beach.
Key details about the Coastal Project
The Karachi Coastal Comprehensive Development Zone (KCCDZ) is comprising 640 hectares or 1,581 acres on the western backwaters marshland of the KPT.
It leads to the revitalization of one of the city’s oldest slums namely Machhar Colony. Not to mention the relocation of more than 500,000 residents. This is part of the initiative of the Ministry of Maritime Affairs of Pakistan.
Similarly, KCCDZ is the most recent addition to CPEC projects aiming at providing Karachi with an ultra-modern urban infrastructure zone. This will elevate it to the ranks of the world’s top port cities.
Special Assistant Final Remarks
That is why, Mansoor reminded the attendees, the dire scarcity of energy faced by the country after 2008. For this reason, with daily power outages ranging from 12 to 18 hours, Pakistan needed to shift its power generation from furnace oil to coal.
Aside from that, the United States and European companies didn’t want to finance Pakistan‘s coal power plant. Therefore, the country turned to China. In that way, the Special Assistant to Prime Minister said that the CPEC project is divided into three phases.
The first phase, accomplished in 2020, sought to address the country’s energy issue. The latter was a major impediment to the country’s economic development. The second phase would be finished in 2025, and the third in 2030.
