Sunday, Apr 24, 2005
China agrees to finance Gwadar deepening project
B. Muralidhar Reddy
ISLAMABAD: China has agreed to finance further deepening of Gwadar deep port in Pakistan's southern province of Balochistan. The Chinese President, Hu Jin Tao, conveyed the decision on Friday to Pakistan President Musharraf at a meeting on the sidelines of the Asian-African Summit at Jakarta.
A report by Associated Press of Pakistan (APP), state-run news agency, from Jakarta said that China would finance the project from the remaining preferential buyers' credit of $500 million extended to Pakistan.
The first phase of the Gwadar port, being construed with the help of China, is expected to be completed in the next few weeks. Pakistan is vigorously marketing the port as a new gateway to Central Asia and West Asia.
The APP said that, at the meeting, the Chinese President and Gen. Musharraf expressed satisfaction at the state of bilateral ties including the outcome of Premier Wen Jiabao's recent visit to Pakistan.
Mr. Hu Jin Tao said the 'Treaty of Friendship' concluded during the Chinese Premier's visit, was the first of its kind Beijing had with any South Asian country.
This will further develop relations of 'strategic cooperative partnership' between the two long-standing allies, he said.
General Musharraf said Pakistan looked forward to having greater access for its products to China's expanding market. The two leaders also exchanged views on regional and international issues of common interest, including the U.N. reforms.
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