China, Pakistan sign financing agreement on coal power project


BEIJING – China and Pakistan on Monday signed a financing agreement on a coal power project located in the Thar Coalfield in Pakistan’s Sindh province.

The project will cost in excess of $2 billion, including the exploitation of a 3.8 million tons coal mine and the construction of a 660,000-kilowatt power station near the mine.

China will contribute $800 million to the financing, while the Pakistani partners will provide $500 million, mainly through China Development Bank and Habib Bank.