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No debt burden on Pakistan due to CPEC power projects: China

Islamabad: According to a recent news report, China has said that power projects under the China-Pakistan Economic Corridor (CPEC) did not incur a debt burden on Pakistan as they were investment projects.

“I can say this with good authority that these energy projects are commercial investments where Chinese companies invested in Pakistan,” Chinese Foreign Ministry Spokesperson Zhao Lijian said during a regular briefing in response to a question that Pakistan had requested China to reschedule its debt of around $22 billion in power projects funded by Beijing.

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Lijian informed that he had worked in Pakistan for many years and was very familiar with the energy projects and the CPEC. “So, these loans are from Chinese companies. The Pakistani government doesn’t need to pay back anything,” he added.

The development and execution of energy projects under the CPEC system are “going very well,” according to the spokesperson, offering a stable and inexpensive power supply, as well as tax revenues and tangible economic and social benefits. He went on to state, “We are sure that our energy partnership will continue to make greater contributions to Pakistan’s national growth and livelihood change.”

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According to official statistics, CPEC, the flagship project of Chinese President Xi Jinping’s Belt and Road Initiative (BRI), will develop a total of 22 energy and power projects. Nine electricity and power schemes have been completed so far, improving Pakistan’s energy needs. These ventures have delivered 5,340 megawatts of electricity to the national grid, assisting in fulfilling the country’s crucial needs for manufacturing, irrigation, and domestic consumption. Eight more renewable ventures are approaching completion.

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