Summary Provincial government have a partnership of 51% in the project
KARACHI (Dunya News) – Sindh government will spend 60 billion rupees to provide facilities like roads, airport and other necessities of life on the site of Thar Coal Project. Provincial government have a partnership of 51% in the project, reported Dunya News.
According to the details, Government of Sindh has inked an agreement with Sindh Engro Coal Mining Company to provide facilities for employees on the site of project. Provincial government of Sindh has a partnership of 51% in the project.
Authorities are hopeful that this agreement will increase the confidence of Chinese investors as well as negotiation for funds is underway with Chinese investors at present.
Also read: Thar Coal Mining Project: Govt approves sovereign guarantee
Federal government has on Tuesday approved the agreement of foreign loan and sovereign guarantee for Thar Coal Mining Project, reported Dunya News.
According to the notification issued by Finance Ministry, foreign loan for Thar Coal project is part of the China-Pakistan Economic Corridor (CPEC) agreement. This loan will be provided by a group comprising large Chinese banks.
Moreover, Finance Ministry has also given the green signal on the clauses regarding the local loans for the project. Now, Sindh Engro Coal Company will be able to generate funds for the project by the end of this year. Local banks will provide loan worth Rs. 50 billion for this project.
Sindh engro Coal Company has been set up as a public-private partnership in order to utilize the 180-billion-ton reservoirs of coal in Sindh’s district of Tharparkar.
