Pakistan is close to finalizing a financing deal worth PKR 445 billion with China to improve the Thakot-Raikot section of the Karakoram Highway. This upgrade aims to enhance transportation and boost economic activities in the area.
Ongoing discussions are taking place between Pakistan’s Finance Ministry, Planning Commission, and Economic Affairs Division, along with their Chinese counterparts. The project will include high-quality bridges, reinforced slopes, and new bypasses to help reduce traffic congestion.
A joint venture made up of Chinese and Pakistani companies is expected to win the contract as part of the China-Pakistan Economic Corridor (CPEC).
Prime Minister Shehbaz Sharif has been updated on the project’s progress, and a high-level delegation from Pakistan may visit China soon to discuss further details.
In addition to the road upgrades, more contracts related to CPEC Phase II in sectors like agriculture and information technology are also anticipated, signaling a strong partnership between Pakistan and China aimed at boosting economic growth in the region.