China has agreed to provide Pakistan with a $6.5bn loan to construct twin nuclear power stations in the southern port city of Karachi, the largest ever Chinese financing deal for a single project in the country.
The Karachi facilities will add 15 per cent to the energy-starved nation’s generation capacity. Pakistan’s prime minister Nawaz Sharif hailed the project as “a big source of electricity supply” during a media briefing on the economy at his office in Islamabad.
The deal follows a series of other Chinese financing arrangements in Pakistan, including a $600m loan from the People’s Bank of China last May, deepening ties between the two Asian nations.