| Pakistan, China EXIM Bank sign MoU for $ 700 Mln to finance for constructing 12 small, medium sized dams |
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| Monday,June 22,2009 Posted: 00:48 BJT(1648 GMT) |
| From:APP Article type:Reproduced |
Salman Faruqui, Secretary General to the President said here Friday that a US$ 700 million MoU signed between Pakistan and China’s EXIM Bank will help generate electricity for local community through 12 small and medium sized dams and water reservoirs in all the four provinces.
In addition he said it would help irrigate millions of acres of agricultural land and create livelihood.
“This credit line will help us alleviate poverty”, the Secretary General said after the signing ceremony that he witnessed at the EXIM Bank.
According to a press release, the MoU was signed by Mr. Farrakh Qayyum, Secretary Economic Affairs Division and Mr. Zhu Li, Executive of the EXIM Bank of China.
Chairman WAPDA Shakeel Durrani, Ambassador Masood Khan of Pakistan and senior officials of the Pakistan Embassy witnessed the signing ceremony.
The Secretary General stated that the President of Pakistan Mr. 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.
The Secretary General underlined that construction of small and medium sized dams and water reservoirs in far-flung areas of Pakistan will contribute substantively to uplifting the economic conditions of the poor people.
He added that construction of these dams and water reservoirs will provide greater employment opportunities and contribute to the wellbeing of the people of less developed areas.
The Secretary General pointed out that alleviating poverty was one of the main priorities of the People’s Party government. He highly appreciated the role of EXIM Bank of China for expeditious processing of the financial package.
The Executive of the EXIM Bank 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.
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