Pakistan makes rapid progress on Silk Road

London — More than three-quarters of the $46bn of planned Chinese-led investment in Pakistan will be implemented by 2017 as part of China’s Silk Road plan. "Out of this $46bn, we have so far energised about $35bn," Pakistan Planning, Development and Reforms Minister Ahsan Iqbal said. "By energising I mean these are projects either in advanced implementation or in a stage of financially closing." Pakistan Prime Minister Nawaz Sharif is seeking to boost growth to the highest rate in about a decade after China announced its investment plans in the nation of 190-million people in 2015. It is part of an initiative the Chinese government calls One Belt, One Road, which aims to revive trade across Central Asia and into Europe via a network of railways, ports and highways. About $11bn had been allocated to infrastructure projects, including roads, with concessional loans provided at about 2% with payback in 20 years, along with a five-year grace period, said Iqbal, who heads the investment ...

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