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13-Jul-2016 12:38 posted by smoke4444 | Leave a comment

Over 10,400MW of energy generating capacity is to be developed between 20 as part of the corridor's fast-tracked "Early Harvest" projects in conjunction with four projects under construction prior to the announcement of CPEC.

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however plans to upgrade and expand Gwadar's port stalled.

Under CPEC agreement, Gwadar Port will initially be expanded and upgraded to allow for docking of larger ships with deadweight tonnage of up to 70,000.

The current form of the project was first proposed by Pakistani President Asif Ali Zardari, Chinese Premier Li Keqiang and current Pakistani Prime Minister Nawaz Sharif on May 22, 2013 in the President's House, Islamabad.

In November 2014, Chinese government announced its intention to finance Chinese companies as part of its $45.6 billion energy and infrastructure projects in Pakistan as part of CPEC.

During the state visit of Xi Jinping to Pakistan in April 2015, he wrote in an open editorial stating: "This will be my first trip to Pakistan, but I feel as if I am going to visit the home of my own brother." On 20 April 2015, Pakistan and China signed an agreement to commence work on the $46 billion agreement, which is roughly 20% of Pakistan's annual GDP, As a gesture of friendship, the Pakistani capital at that time was dotted with slogans and signboards such as "Pakistan-China friendship is higher than the mountains, deeper than the oceans, sweeter than honey, and stronger than steel" – an oft repeated phrase coined by the Chinese to describe their deep ties to Pakistan.

On 12 August 2015 in the city of Karamay, China and Pakistan signed 20 more agreements worth $1.6 billion to further augment the scale and scope of CPEC.

Expansion of Gwadar Port then ceased thereafter owing to political instability in Pakistan following the fall of General Pervez Musharraf and subsequent conflict between the Pakistani state and Islamist militants.Pakistani officials predict that the project will result in the creation of upwards of 700,000 direct jobs between 2015–2030, and add 2 to 2.5 percentage points to the country's annual economic growth.Infrastructure projects under the aegis of CPEC will span the length and breadth of Pakistan, and will eventually link the Pakistani city of Gwadar in southwestern Pakistan to China's northwestern autonomous region of Xinjiang via a vast network of highways and railways.Proposed infrastructure projects are worth approximately $11 billion, and will be financed by heavily-subsidized concessionary loans that will be dispersed to the Government of Pakistan by the Exim Bank of China, China Development Bank, and the Industrial and Commercial Bank of China.A network of pipelines to transport liquefied natural gas and oil will also be laid as part of the project, including a $2.5 billion pipeline between Gwadar and Nawabshah to eventually transport gas from Iran.On 8 April 2016, during the visit of Xinjiang's Communist Party chief Zhang Chunxian companies from Xinjiang with their Pakistan counterparts signed $2 billion of additional agreements covering infrastructure, solar power and logistics.

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