China to refinance syndicate facility worth $2.24b

Dar assures Beijing of his full support for the assistance making CPEC a success

China is looking to refinance a syndicate facility of RMB 15 billion ( $2.24 billion) to Pakistan which was due next year.

This was disclosed on Wednesday in a meeting between Chinese Ambassador Nong Rong and Federal Finance Minister Ishaq Dar after the former called on the latter at the Finance Division.

According to a statement issued by the Finance Ministry on Wednesday, Dar sought Rong’s s support in facilitating a roll-over of SAFE China deposits of $2 billion in March 2023.

Dar briefed the ambassador about the damages incurred by the unprecedented floods in Pakistan, particularly in the infrastructure, agriculture, and social sectors.

He expressed gratitude to Beijing in extending support to Pakistan and its people.

Referring to progress on the China-Pakistan Economic Corridor (CPEC), the finance minister recognized that the corridor will play an important role in taking Pakistan’s economy forward as well as cementing the bilateral relationship between both the countries.

He further assured his full support for the assistance making CPEC a success.

The ambassador reaffirmed Chinese government’s continued support to Pakistan and emphasized that China stands with people of Pakistan in this hour of need like a rock.

He also assured China’s support and cooperation in developing Special Economic Zones as part of CPEC.

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China-Pakistan

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