According to a Dawn News report, a memorandum was signed earlier on Sunday between China Communication Construction Company and Government of Pakistan regarding a construction of an Expressway. The Minister of Trade and Shipping announced that that, the company (CCCC) will construct a 19.5 kilometer expressway in Baluchistan.
The agreement of Rs 15 Billion loan is an interest free finance, said the Minster for Ports and Shipping, Mr. Jafar Iqbal. Under the agreement, the company will construct a two lane expressway which will be constructed to facilitate Gwadar Port. The project will fall under the umbrella of China Pakistan Economic Corridor. (CPEC).
The Minster also said that, the Gwadar Port will start operations from 18th of October. Highlighting the future plans, he said that a new Airport with Pakistan’s longest runway will also be constructed with an estimated cost of Rs. 18-20 billion with the help of Chinese grants.
Furthermore, the Gwadar Port Authority will construct a Business Centre in the Free Trade Zone which is expected to be completed within next two years. The business compound will hold Pakistan National Shipping Corporation (PNSC), Federal Board of Revenue (FBR) and other emigration and relevant offices.
In addition to these projects, Mr. Jaffer said that PNSC is in process to construct oil tanks in an effort to expand oil storage capabilities at Gwadar by 120,000 tonnes with an estimated cost of Rs. 3.75 billion.
PNSC and the government will contribute 50/50 percent in the project.