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China-Pakistan

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CPEC: Pakistan seeks Beijing's help for insurance cover of six projects

India Blooms News Service | @indiablooms | Nov 10, 2021, at 10:27 pm

#China #ChineseProjectsinPakistan #PakistanInsurance

Islamabad/IBNS: The Imran Khan-government in Pakistan has sought the Chinese government's intervention to persuade China Export and Credit Insurance Corporation to clear about USD 13 billion insurance cover of energy and infrastructure projects on priority basis, media reports said.

Sinosure — the Chinese state insurer — has to underwrite all foreign investments and debts but has been holding back insurance cover of about $5bn to six major power projects of over 3,500MW under China-Pakistan Economic Corridor (CPEC), reports Dawn News.

It also has to underwrite $8-9bn insurance cover to Mainline-1 — a 1,733km railway line from Karachi to Peshawar, the newspaper reported.

Special Assistant to the Prime Minister on CPEC, Khalid Mansoor, told journalists on Tuesday as quoted by Dawn News that he had taken up the matter with Chinese ambassador in Islamabad and with his support written letters to the vice chairman of National Development and Reform Commission (NDRC) for his intervention to resolve on priority all issues relating to strategically important projects, including ML-1 and six energy projects including Gwadar, Karrot, Kohala and Azad Pattan, Thar Block-VI and Thal-Nova power projects besides Quaid-i-Azam Solar power project.

“We have written two separate letters to NDRC for resolution of issues hampering the financial close of six energy projects and the term sheet for the ML-I project,” said Mir Mansoor.

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