China has entered into an agreement to build a 1.2GW nuclear power plant worth $4.8bn in Pakistan, CNN reported.
Pakistan’s Atomic Energy Commission and China’s National Nuclear Corporation have signed a memorandum of understanding.
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Pakistan Prime Minister Shehbaz Sharif, who witnessed the signing, hailed the investment, stating that work on the Chashma-V nuclear plant will begin immediately.
To be located in Chashma in the Mianwali district of Punjab province in Pakistan, the nuclear power plant will help the country shift away from fossil fuels.
Prime Minister Sharif described the agreement as a token of increasing economic cooperation between the two countries and vowed to complete the project without any delay.
Quoted on CNN, Sharif stated: “Investment from China in this project to the tune of $4.8bn sends a message loud and clear that Pakistan is a place where Chinese companies and investors continue to show their trust and faith.”
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By GlobalDataHe also expressed hope that Pakistan will emerge from current economic challenges with support from friendly countries such as China.
He criticised Pakistan’s previous government under former Prime Minister Imran Khan for delaying the project.
The cash-strapped country, which is struggling to save itself from a balance of payments crisis, thanked China for offering a discount of $100m and for not rescheduling the costs despite the deferment of the project, originally set to begin two years earlier in 2021.
Pakistan has two other nuclear power plants, Karachi Nuclear Power Plants 2 and 3, with a capacity of 3GW.
