Pakistani Prime Minister Shehbaz Sharif announced that the country signed a deal with its most ‘dependable’ ally, China, regarding the building of a $4.8 billion, 1200-megawatt Nuclear power plant. This will be known as the Chashma 5 Project.
“Investment from China in this project to the tune of $4.8 billion sends a message loud and clear that Pakistan is a place were Chinese investors and companies continue to show their trust and faith.”
The power plant is to be built in the central province of Punjab, and is set to help reduce dependence on fossil fuels and help resolve the energy crisis. The Pakistani economy however, may not be as cooperative as it rapidly approaches a state of default. In such conditions, Sharif thanked China for the $100 million discount on the deal and for not rescheduling the costs despite a long delay in the plan.
Speculation arose that this power plant is part of China’s Belt And Road Initiative, but it is unclear if this is true.