The Government of Pakistan has secured a $1.6 billion financing commitment from China to upgrade the Karakoram Highway (KKH), a major initiative to boost trade routes and regional connectivity.
According to reports, Pakistan officially requested Chinese funding for the project, with an agreement expected soon. Discussions are underway between Pakistan’s Finance Ministry, the Planning and Development Commission, and Chinese representatives.
It is reported that a Chinese company may collaborate with a Pakistani firm on construction, which will involve building durable bridges, stabilizing slopes, and creating bypasses around populated areas.
Prime Minister Shahbaz Sharif was briefed on the project, which is expected to enhance cargo transportation, improve passenger travel, and support economic growth.
A high-level Pakistani delegation may soon visit China to finalize the agreement.
Under CPEC Phase-II, China is also anticipated to sign four more agreements with Pakistan, focusing on IT and agricultural services.
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