Pakistan’s Prime Minister, Shehbaz Sharif, was present as Pakistan and China signed a Memorandum of Understanding (MoU) for the construction of the Chashma-5 (C-5) nuclear power project, worth $3.48 billion, according to local media reports.
The MoU was signed by Muhammad Saeed Ur Rehman, President of China National Nuclear Corporation Overseas Ltd (CNOS), and a representative of the Pakistan Atomic Energy Commission (PAEC).
During the ceremony, the Prime Minister emphasized the significance of the nuclear power project in fostering economic cooperation between the two countries, as reported by Geo News.
The decision to initiate this project was made during the Prime Minister’s previous term, and while subsequent governments had put it on hold, the current administration is committed to its implementation without any delays.
The Prime Minister highlighted that due to global inflation, the project’s costs had escalated since its inception in 2017-18. However, he acknowledged the Chinese government’s cooperation by not only refraining from increasing the cost but also providing a discount of approximately Rs 30 billion, according to Geo News.
The Prime Minister expressed gratitude towards China for their continued investment in Pakistan, stating that the substantial investment of $3.48 billion in this project sends a clear message of trust and confidence in Pakistan’s potential for Chinese companies and investors.
He emphasized the deep-rooted friendship between Pakistan and China, referring to President Xi Jinping’s description of the bilateral relationship as “iron brothers,” underscoring the strength and resilience of their alliance, as reported by Geo News.
In addition to the Chashma-5 project, the Prime Minister also highlighted the recent inauguration of the K-3 nuclear project in Karachi, further solidifying Pakistan’s commitment to harnessing nuclear energy for its development. (Edited)