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June 14, 2019

Socio-economic uplift projects

National

 
June 14, 2019

New Chines aid agency SIDCA to provide Rs151b to Pakistan

By Asim Yasin

Ag APP

ISLAMABAD: The Senate Special Committee on China Pakistan Economic Corridor (CPEC) was informed on Thursday that Pakistan was the first recipient country of newly formed Chinese aid agency State International Development Cooperation Agency (SIDCA) under which China would provide grant of $1 billion (Rs151 billion) for various projects of socio-economic uplift of Pakistan.

Briefing the committee, Secretary Planning Zafar Hassan said China would provide grant of $1 billion in two stages and under the first stage, the country would invest $200 to $300 million in 16 small social projects, which would be completed within a year while the rest amount would be issued in three years” time.

The meeting of the committee was presided over by its Chairperson Senator Sherry Rehman which was also attended by Minister for Planning, Development and Reform Makhdoom Khusro Bakhtiar.

It was disclosed in the Special Committee of Senate on Project of China Pakistan Economic Corridor (CPEC) that China had set up an aid agency on the lines of USAID, called SIDCA, and will be providing pure grants, with no repayment, to many of the Gwadar projects as well as to the socio-economic component of CPEC, because these are aimed at poverty alleviation and development assistance in key sectors identified by the government of Pakistan.

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