A significant portion of financing under China-Pakistan Economic Corridor (CPEC) is in loans with commercial or quasi-grants, according to a report released Wednesday by the US Research Laboratory for International Development AidData. …
The report highlights Beijing’s global development agenda, according to which Chinese loans under the corridor account for 95.2 percent and 73 percent of total liabilities in the energy and transport sectors.
China provided Pakistan with $ 34.4 billion for development purposes between 2000 and 2017. Islamabad is the seventh largest recipient of foreign development finance for China, with 71 projects currently under way, valued at $ 27.3 billion. The average loan interest rate is 3.76% for an average loan with a maturity of 13.2 years (when the full interest payment is due) and an additional period of 4.3 years.
In addition, the report claimed that Pakistan received about half of China’s development financing in the form of an “export buyer loan,” that is, money provided to Pakistan by Chinese companies to facilitate the procurement of equipment and goods purchased by the Chinese. implementing partners.
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