China to provide grant of $1b for various projects in Pakistan

The Senate Special Committee on China Pakistan Economic Corridor was informed on Thursday that Pakistan is the first recipient of newly formed Chinese International Development Cooperation Agency (CIDCA) under which China would provide grant of one billion US dollar for various projects of socioeconomic development.

Briefing the committee, Secretary Planning Zafar Hassan said China would provide grant in two stages and under the first stage, the country would invest 200 to 300 million dollars in 16 small social projects, while the rest amount would be issued in three years' time.

The meeting of the committee was presided over by its Chairperson Senator Sherry Rehman which was also attended by Minister for Planning, Development and Reform Makhdum Khusro Bakhtyar.

Source: Radio Pakistan