'Chinese loans for CPEC worth '$4.9b'


ISLAMABAD: Pakistan has said China provided $4.9 billion loan to Islamabad under the China-Pakistan Economic Corridor (CPEC) adding neighbouring countries were welcome to reap the benefits of the mega project.
Pakistan Minister for Planning and Development Asad Umar said there was nothing to hide about the CPEC.
“Pakistan has a serious debt problem and the issue can be tackled by increase in exports. China gave Pakistan loans of $4.9 billion under the CPEC,” he said while speaking at a seminar here Wednesday evening on the Role of Parliaments in cementing regional integration.
The seminar was organized by the Pakistan Institute of Parliamentary Services. Chinese Ambassador to Pakistan Yao Jing also participated in the seminar. A large number of parliamentarians, diplomats and members of civil society attended the event.
Asad Umar said intra-regional trade was important for economic growth and at present the East Asian countries had intra-regional trade of 27 percent of their gross domestic product (GDP).
He said Pakistan was committed to completing the CPEC projects on time and was willing to accommodate neighbouring countries.