China Development Bank (CDB), a top-ranking financial institution on Tuesday agreed to support Pakistan on undertaking major energy projects, to help it overcome the energy crisis. CDB Chairman Chen Yuan, who called on Prime Minister Syed Yusuf Raza Gilani here, evinced his bank's keen interest in providing funding for several development projects in Pakistan, particularly for the renewable and alternative energy sectors.
The Prime Minister, who is in Beijing to attend the summit of Shanghai Co-operation Organisation, also invited CDB to finance and establish consortiums for mega projects in energy, telecommunications, infrastructure and minerals, with the help of Chinese corporations.
He said Pakistan government had offered free land for the construction of Joint Investment Company facilities in Islamabad and welcomed opening of its branches in major cities. Gilani said Pakistan-China joint development ventures would not only strengthen ties between the two countries, but would also help bring stability and prosperity to the region by ensuring transit trade and greater interaction among the states.
Later talking to newsmen, the CDB Chairman said his bank had received a favourable response from the Chinese companies to undertake joint ventures in Pakistan in almost all sectors of economy. He said China had expertise in windmill and renewable energy, and CDB would facilitate in materialising these projects. The Pak-China Joint Investment Company established with 200 million dollars, is working as a window of CDB for evaluation of joint ventures between the two countries.
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