ISLAMABAD (Dunya News) – The Government of Pakistan has decided to finance the upgradation of Karakoram Highway (KKH) for 1.6 billion USD from China.
The sources reported, the request to finance the project from China had been made officially by Pakistan, an agreement would soon be concluded between both states.
"Talks are undergoing between officials of Finance ministry, Commission for Planning and development and Chinese authorities to finance the highway upgradation," said the sources.
According to reports there is a chance that a Chinese firm would be given a contract in partnership with a Pakistani firm.
A briefing about the project was given to Prime Minister Shahbaz Sharif.
The upgradation includes high quality bridges, stable slopes and bypasses around congested cities.
"The highway upgradation would be helpful for cargo trucks, passenger carriers and overall economic development," told in the briefing.
The sources further reported that a high-level delegation might visit china to sign agreement once the negotiations would complete.
In CPEC phase-II China would sign four more agreements soon, about IT services and agricultural services, added the sources.