Thar Coal Mining Project: Govt approves sovereign guarantee
Finance Ministry has approved the agreement of foreign loan, sovereign guarantee for the project
ISLAMABAD: (Dunya News) – 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.
