China and Pakistan have signed a USD 820 million financing agreement for both the mining and associated power plant project in Thar.
According to the Express Tribune, Sindh Engro Coal Mining Company (SECMC) and Engro Powergen Thar Limited (EPTL) signed the local and foreign financing agreements in Beijing.
The project, which is expected to be completed by the end of 2017, will be the first such project in the China-Pakistan Economic Corridor.
A syndicate of local banks will provide Rs52 billion for the mining project, being undertaken by SECMC, and Rs.22 billion for the associated power plant being established by EPTL.
The project will cost over 2 billion U.S. dollars, including the exploitation of a 3.8-million-ton coal mine and the construction of a 660,000-kilowatt power station.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app