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ISLAMABAD,
March 27: China would give $2.4 billion financial assistance
to help undertake three mega development projects that
included $700 million for the expansion of the Pakistan
Steel Mills.
"This
new huge financial assistance by China is very important
for Pakistan as it will further cement trade and economic
relations between the two countries," said Prime Minister's
Advisor on Finance Shaukat Aziz said on Thursday.
Speaking
at a joint news conference with Minister for Industries
and Production Liaqat Jatoi and PM's Advisor on Privatisation
and Investment Dr Hafeez Shaikh, Mr Aziz said that $500
million would be extended by China for improvement of the
Pakistan's Railways.
Mr
Jatoi gave details of the expansion of the Pakistan Steel
Mills for which China would extend roughly $700 million.
He said earlier Pakistan had signed an agreement with Russia
for increasing the annual production of the Steel Mills
from 1.1 million tons to 1.5 million tons. "And now
we have discussed with Chinese authorities to further increase
the production from 1.5 million tons to three million tons
annually," the minister for industries and production
said.
Mr
Jatoi said that China was considering relocating its one
of the steel mills from Beijing to some other parts of
the country. "We are looking into the possibility
of buying the main machinery of that mill for our Karachi
Steel Mills," he added.
"China
has further agreed to offer $42 million, including $33
million soft loan, for building a Float Glass Unit," he
said, adding that it would be a joint venture of Chinese
company - M/S CBMC and the Pakistan Police Foundation.
Responding
to a question, the adviser on finance said that China would
give roughly $800 million for the construction of second
300 MW nuclear power plant at Chashma.
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