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Report: Pakistan refuses cheap loan offer from Japan for CPEC projects

According to a latest report,  Pakistan has refused a cheap loan offer from Japan as compared to an offer extended by China for the infrastructure projects of the CPEC.
It was said that Pakistan’s loan index has already gone high up and we
don’t need more credit for these projects.

 

The Crypto exchange Coincheck after hacking has been litigated
After the hack of Coincheck, Japan sought to transfer capital the on the
development of a tunnel which is being built as a part of CEPC. But
China conflicted to this transfer so it led Pakistan to refuse Japan’s
cheap loan offer for the CPEC projects. China is presently offering loans
to Pakistan at the offered rate of London Interbank i.e. 2-2.5%.

The official stated:

 

“The government has decided it will not seek any more loans for
infrastructure projects, instead the country will encourage investment
from different countries.”
He further added that many countries have shown their interest to be a
part of CPEC, but none of them have been as Chinese taken part in CPEC.
Pakistan and China both have been working on various power projects
also.

 

Pakistan has also invited Japan’s companies and business investors to
find out the options of $4 billion investment in electricity distribution
market, service, and better delivery. Furthermore, the government is
also putting efforts to involve the private sector for the better service
and delivery of the electricity and is considering offering attractive
benefits with high return rates on the made investments.
Government is pursuing Japan’s support to build the capacity of human
resources at various levels of the power sector. In this context, our
government is working in close proximity with the Embassy of Japan.

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