China inks deal with cash-strapped Pakistan to set up nuclear power plant in Punjab province

Pakistan, which is under tremendous financial debt, is not getting multilateral loans or even bilateral assistance without the support of the IMF.

China on June 20 inked an agreement worth a whopping $4.8 billion with cash-strapped Pakistan to set up a 1,200-megawatt nuclear power plant as a sign of increasing strategic cooperation between the two all-weather allies.

Prime Minister Shehbaz Sharif witnessed the signing of the deal under which Beijing would build a 1,200-megawatt Chashma-V nuclear plant at Chashma in the Mianwali district of Punjab.

In his address, Prime Minister Sharif termed the nuclear power plant agreement signing as a token of increasing economic cooperation between Pakistan and China and vowed to complete the project without any delay.

"We will kick start it without any further delay," he said, as he lambasted the previous government under Imran Khan for delaying the key power project.

He said under a difficult economic situation, Pakistan was getting an investment of $4.8 billion from China in this project, which “sends the message that Pakistan is a place where Chinese companies and investors continue to show their trust and faith”.

Mr. Sharif said the Chinese companies gave special concessions which would save billions of rupees in this project.

He expressed confidence that Pakistan would come out of the current economic difficulties with the help of China and other friendly countries.