Representatives shake hands during the signing ceremony on Mar 6. [Photo/cmec.com.cn]

The confirmation letter for the financing closure of the TEL1x330MW power station project (phase II) in Block II of Thar Coalfield in Sindh province, Pakistan, which China Machinery Engineering Corporation (CMEC), a subsidiary of Sinomach, as a shareholder has undertaken, was issued on Mar 6. It marks the official initiation of the project and another fruit of the China-Pakistan Economic Corridor (CPEC).

The project, with a total investment of over 500 million dollars, is on CPEC’s priority list. It’s a China Development Bank project spearheaded by China Minsheng Bank, which with other Chinese banks has raised over 260 million dollars for it.

The project is of great significance in the large-scale development and utilization of coal resources in the Thar region of Pakistan. Located in a remote area, once completed it will significantly improve the local infrastructure and residents’ living standards and provide demonstration and guidance for follow-up cooperation under the CPEC framework.