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Pakistan, China to cooperate in energy, mass transit projects

Pakistan and China on Friday signed a memorandum of understanding for cooperation in the fields of energy, mass transit, industrial cities and road sector projects.

The MoU was signed between Ministry of Water and Power and China-based M/s Norinco International as a company’s delegation headed by its Vice President Wang Yitong, who is currently visiting Pakistan.Amid presence of Prime Minister Muhammad Nawaz Sharif, Wang Yitong of M/s Norinco and Anwar Ahmed Khan, Secretary Water and Power signed the MoU.

According to the MoU, M/s Norinco and the government of Pakistan would pursue cooperation in the fields of mass transit, energy projects specifically solar in different provinces. The company would also help the host country for setting up industrial cities along Motorways, solar irrigation and road sector projects. The Chinese company undertook to facilitate financial assistance from Chinese government on a fast track basis.

Under terms and conditions of the MoU, Pakistan would utilise financial, technical and managerial expertise of M/s Norinco International in the aforesaid fields and other such sectors which may be identified from time to time with mutual consent of both the parties. The Chinese company would try to provide financing and technical support, assistance and services pertaining to the said sectors to Pakistan’s government.

The specific mode for implementing the projects would be developed and finalized on the basis of mutual consent between the parties. The MoU would come into force at once and would remain valid till such time as agreed to by the parties.

Among others also present during the signing ceremony included Chief Minister Punjab Muhammad Shahbaz Sharif, Minister for Finance Ishaq Dar, Minister for Water and Power Khawaja Asif and Minister for Planning and Development Ahsan Iqbal.

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