EXCLUSIVE - China commits $6.5 billion for Pakistani nuclear project
Source: Reuters
China has committed $6.5 billion to finance the construction of a major nuclear power project in Pakistan's port city of Karachi as it seeks to strengthen ties with its strategic partner, Pakistani officials said.
Pakistani Prime Minister Nawaz Sharif broke ground on the $9.59 billion project last month but officials have provided few details of how they plan to finance it.
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As part of the deal, China has also waived a $250,000 insurance premium on the loan, said two sources in the Energy Ministry with knowledge of the project. They declined to be identified as they are not authorised to speak to the media about the financing.
Pakistan and China, both nuclear-armed nations, consider each other close friends and their ties have been underpinned by common wariness of India and a desire to hedge against U.S. influence in South Asia.
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Three prominent physicists recently raised questions about the safety, design and cost of the new reactors in Karachi, sparking a national debate.
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Read more: http://in.reuters.com/article/2013/12/24/pakistan-china-nuclear-idINDEE9BN04320131224
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