Rs300 billion to be allocated for projects related to CPEC: minister

Islamabad

Minister for Planning and Development Ahsan Iqbal said the federal government is likely to allocate Rs300 billion for the projects related to China-Pakistan Economic Corridor (CPEC) in upcoming fiscal budget that would help improve the economy of the country.

"We will also announce some new initiatives under the CPEC project because it is a continuous process that would continue even for 10 to 15 years. It is a game changer that would help improve economy of all the countries falling in this region," he said.

He said they have sought suggestions from the relevant ministries and departments for launching new initiatives under the CPEC project and, hopefully, such suggestions would be submitted to them till mid April.

Ahsan Iqbal said the funds would be allocated in the upcoming annual budget for 49 ongoing CPEC's projects -- eight in Khyber-Pakhtunkhawa (KP), 13 in Sindh, 12 in Punjab and 16 in Balochistan, adding "The funds would also be allocated for projects currently underway in Gilgit-Baltistan under the CPEC project."

The minister said the federal government allocated huge funds under Public Sector Development Programme (PSDP) last year for completion of Western route of the CPEC project and the government is determined to complete it on priority basis by providing all the required funds in this respect.