CPEC WILL ULTIMATELY BENEFIT NOT ONLY PAKISTAN BUT INDIA AND THE REGION AS WELL,
CHINESE OFFICIALS INSIST THAT BY HELPING STABILISE PAKISTAN
who is overseeing the programme in Islamabad as the Deputy Chief of Mission in the Chinese embassy, $14 billion has already been invested in 30 ‘early harvest’ projects, of which 16 are under construction. These are mostly energy projects aimed at reducing Pakistan’s soaring energy deficit, including a coal power plant in Sahiwal that will go online in June, a dam in Karot, the SukkurMultan section of the Karachi-Lahore expressway, and the second phase of the Karakoram Highway from Thakot to Havelian in Khyber Pakhtunkhwa.
Beijing is also moving forward to create new global financial institutions to underpin the Belt and Road and CPEC, setting up a $40 billion Silk Road Fund and the $100 billion Asian Infrastructure Investment Bank, in which China is the biggest shareholder, contributing around one-third. India is the second, having committed an $8 billion stake with an eye on ensuring that it—and other countries—have a voice in how this new rival to the Asian Development Bank