UBL, Chinese firm sign deal for Gwadar’s economic uplift

KARACHI: United Bank Limited (UBL) and China Overseas Port Holding Company (COPHC) recently entered into a memorandum of understanding (MoU) for “Framework of cooperation” to promote economic development of Gwadar and its free economic zones, a statement said on Wednesday.

The two institutions have mutually agreed to cooperate for banking services in response to strategic national priorities of China and Pakistan with respect to the “One Belt – One Road” initiative, in general, and the China–Pakistan Economic Corridor (CPEC) initiative, in particular, it added.

The signing of the MoU was held at the UBL head office. Zhang Baozhong, chairman of COPHC, Sima Kamil, president and CEO of UBL, along with senior executives from the two organisations attended the event.

Baozhong said that four new projects have been announced for Gwadar. COPHC has invested around $200 million for developing infrastructure at Gwadar Port and its surroundings, including five new cranes installed at Gwadar Port worth $30 million, to carry out berthing activities at the port, he added. By the end of this year, the port will be fully functional. For commercial activities, COPHC has established a business centre for exhibition of products, he added.

Kamil said, “UBL is aware of the economic benefits of CPEC projects upon their completion and supports both Pakistan and China’s strategic economic interests under this initiative”. She also assured UBL team’s commitment to service COPHC and its investors.