ISLAMABAD: Prime Minister Shehbaz Sharif witnessed the signing of a memorandum of understanding (MoU) between Pakistan and China for the Chashma-5 (C-5) nuclear power project, valued at $3.48 billion.
The MoU was signed by Muhammad Saeed ur-Rehman, President of China National Nuclear Corporation Overseas Ltd (CNOS), and Member Power, Pakistan Atomic Energy Commission (PAEC).
During the event, Prime Minister Shehbaz Sharif highlighted the significance of the nuclear power project as a major milestone in economic cooperation between the two countries.
He mentioned that the project was initially approved during the government of deposed prime minister Nawaz Sharif, but it was later “put on hold” by the successive government of Pakistan Tehreek-i-Insaf (PTI).
Despite the rising global inflation, the Chinese government not only refrained from increasing the project cost but also offered a discount of approximately Rs30 billion, he said.
The prime minister expressed his commitment to promptly initiate the project, emphasizing that China’s investment of $3.48 billion in the challenging economic situation of Pakistan demonstrated the trust and confidence Chinese companies and investors have in the country.
Sharif highlighted the strong friendship between Pakistan and China, quoting President Xi Jinping’s reference to their relationship as “iron brothers.” The prime minister also mentioned the recent inauguration of the K-3 nuclear project in Karachi.
Addressing the economic challenges faced by Pakistan, he acknowledged the support of international partners such as China, Saudi Arabia, UAE, and Qatar.
He particularly thanked President Xi Jinping, Finance Minister Ishaq Dar, Planning Minister Ahsan Iqbal, Power Minister Khurram Dastgir, and the new military leadership for their contributions to the project.
The prime minister expressed gratitude to Nawaz for initiating the first nuclear power project agreement with China in 1993. He also highlighted the recent renewal of commercial and sovereign loans from China, underscoring the unparalleled friendship between the two countries.
The signing ceremony was attended by Dar, Iqbal, and Dastgir, as well as officials from China including Pang Chunxue and Shen Yanfeng from China National Nuclear Corporation.
