Pakistan led South Asia region and ranked 4th in the world in infrastructure investment commitments in the first half of 2020, according to World Bank's "Private Participation in Infrastructure" report for the first half on the year 2020. Mexico led the pack with $4,016 million, followed by Brazil 2nd with $3,543 million, China 3rd with $2,859 million, Pakistan 4th with $1,921 million and India 5th with $1,762 million in private infrastructure investment commitments in the first 6 months of 2020. Here is an excerpt of the World Bank report:
"Pakistan had the fourth highest investment commitments—a new entrant to the top five countries this year—with US$1.9 billion of investment commitments, accounting for 0.69 percent of GDP. This can be attributed to the financial closure of the Thar Block-I Coal-Fired Power Plant, which was the only project to reach financial closure in the country during this time period. The Thar power plant and the pipeline in Mexico were the only two megaprojects to reach financial closure in the first half-year of 2020. Lastly, India had the fifth highest investment commitments, at US$1.1 billion, accounting for 0.06 percent of GDP. In the first half-year of 2020, these five countries together attracted US$14.1 billion, representing 64 percent of PPI investments in EMDEs".
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| Global Infrastructure Investment by Private Participants. Source World Bank |
The report went on to say that Pakistan's entrance to the top 5 list can be attributed to the financial closure of the Thar Block-I Coal-Fired Power Plant, which was the only project to reach financial closure in the country during this time period. The Thar power plant and the pipeline in Mexico were the only two megaprojects to reach financial closure in the first half-year of 2020. Here's another excerpt of the World Bank report:
"Pakistan became one of the five countries with the most investment in the first half-year of 2020, due to a US$1.9 billion mega coal power project with 1,329-megawatt (MW) capacity. The coal power project was developed under the umbrella of the China-Pakistan Economic Corridor (CPEC). It is part of an effort by the Government of Pakistan to improve energy security and reduce the average cost of power generation by transitioning from oil to coal".
In a 2018 New York Times Op Ed titled "How Not to Engage With Pakistan", ex US Ambassador to Pakistan Richard G. Olson said "Its (CPEC's) magnitude and its transformation of parts of Pakistan dwarf anything the United States has ever undertaken". Olson went on to warn the Trump Administration that "Without Pakistani cooperation, our (US) army in Afghanistan risks becoming a beached whale".
Among the parts of Pakistan being transformed by China Pakistan Economic Corridor (CPEC) are some of the least developed regions in Balochistan and Sindh, specifically Gwadar and Thar Desert.
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Night view of a well-lit grid-station in #Lahore. It connects #Punjab to 878 Km 600 Kv HVDC $2.1 billion Lahore-#Matiari (#Sindh) #power #transmission line that recently became part of #Pakistan's national grid. #CPEC #China
https://twitter.com/haqsmusings/status/1427433907608199175?s=20
CPEC Results According to Wang Wenbin of China
https://twitter.com/bilalgilani/status/1677391745112477696?s=20
Bilal I Gilani
@bilalgilani
CPEC projects are creating 192,000 jobs, generating 6,000MW of power, building 510 km (316 miles) of highways, and expanding the national transmission network by 886 km (550 miles),” Foreign Ministry spokesman Wang Wenbin told reporters in Beijing."
Associated Press of Pakistan: On July 5, Prime Minister Shahbaz Sharif while addressing a ceremony to mark a decade of signing of the China-Pakistan Economic Corridor (CPEC), said that CPEC has been playing a key role in transforming Pakistan’s economic landscape. He also said that the mega project helped Pakistan progress in the region and beyond. What is your response?
Wang Wenbin: The China-Pakistan Economic Corridor (CPEC) is a signature project of China-Pakistan cooperation in the new era, and an important project under the Belt and Road Initiative. This year marks the 10th anniversary of the launch of CPEC. After ten years of development, a “1+4” cooperation layout has been formed, with the CPEC at the center and Gwadar Port, transport infrastructure, energy and industrial cooperation being the four key areas. Projects under CPEC are flourishing all across Pakistan, attracting USD 25.4 billion of direct investment, creating 192,000 jobs, producing 6,000 megawatts of electric power, building 510 kilometers of highways and adding 886 kilometers to the core national transmission network. CPEC has made tangible contribution to the national development of Pakistan and connectivity in the region. China and Pakistan have also explored new areas for cooperation under the framework of CPEC, creating new highlights in cooperation on agriculture, science and technology, telecommunication and people’s wellbeing.
China stands ready to work with Pakistan to build on the past achievements and follow the guidance of the important common understandings between the leaders of the two countries on promoting high-quality development of CPEC to boost the development of China and Pakistan and the region and bring more benefits to the people of all countries.
https://www.fmprc.gov.cn/eng/xwfw_665399/s2510_665401/2511_665403/202307/t20230706_11109401.html
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