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Pakistan and China sign agreements worth $4.2 billion

Pakistan and China sign agreements worth $4.2 billion Pakistan and China agreed to $4.2 billion worth of financing for two road projects along the eastern portion of the China-Pakistan Economic Corridor (CPEC) during planning, development, and reform minister Ahsan Iqbal’s visit to China last week (ET). The two new projects are a key part of connecting Beijing and the port city of Gwadar and are arranged through a Chinese concessionary loan of $1.3 billion for the 74.5 mile-long Karakoram Highway-II (KKH-II) and $2.9 billion for a 243.6 mile-long section of the Lahore-Karachi motorway. To date, the CPEC investment package totals $46 billion, with $11.5 billion allocated to road and railway development.