(Yicai Global) April 14 -- China has decided to increase investment in China-Pakistan Economic Corridor (CPEC) to USD62 billion, the Pakistani media reported, citing a statement by Mohammad Zubair, governor of Sindh province.
China had initially decided to invest USD46 billion in the Corridor when the CPEC was first inaugurated, raising it to USD55 billion at a later stage, said the media reports. Governor Zubair announced the news at an infrastructure financing conference, China's state-run newspaper, Global Times, reported today, quoting a Chicago Tribune article.
As a member of Pakistani Prime Minister Nawaz Sharif's core economic team, Zubair praised the CPEC program, noting that most of the investment, about USD34 million, will be used for power generation projects. The newly-approved investment projects cover various projects, including the construction of an industrial park. Pakistan is in talks with China to incorporate the circular railway project in Karachi into the CPEC framework.