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05/02/23 08:32 AM IST

Pakistan PM Shehbaz Sharif Inaugurates 3rd Unit Of Nuclear Power Plant

In News
  • Pakistan Prime Minister Shehbaz Sharif recently inaugurated the third unit of the Karachi Nuclear Power Plant (KANUPP) built with Beijing's assistance under the ambitious China-Pakistan Economic Corridor.
About CPEC
  • Launched in 2015, the CPEC is the flagship project of the multi-billion-dollar Belt and Road Initiative (BRI), a pet project of Chinese President Xi Jinping, aimed at enhancing Beijing’s influence around the world through China-funded infrastructure projects.
  • The 3,000 km-long China–Pakistan Economic Corridor (CPEC) consists of highways, railways, and pipelines.
  • CPEC eventually aims at linking the city of Gwadar in South Western Pakistan to China’s North Western region Xinjiang through a vast network of highways and railways.
  • The proposed project will be financed by heavily-subsidised loans that will be disbursed to the Government of Pakistan by Chinese banks.
  • The BRI, launched in 2013, aims to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes.
Benefits to Pakistan
  • China’s investment in CPEC is its largest overseas investment and also the largest foreign investment in Pakistan. The improvement of transportation lines, fiber optics links, and energy supply links will boost the overall economy of Pakistan.
  • Pakistan has been facing a severe shortage of power and the proposed power projects along the economic corridor would address the power deficit. The power projects will also accelerate industrial and economic activity.
  • Due to the various energy, infrastructure, and industrial projects, CPEC promises huge employment opportunities to all sections of society.
Concerns
  • China stationed a special division of its army in Pakistan to provide security for Chinese workers involved in CPEC-related projects. This creates a threat to the sovereignty of Pakistan.
  • The insurgent groups in Baluchistan are opposing CPEC as it threatens the ethnic distribution of the region. This poses a threat to CPEC as Gwadar port situated in Baluchistan holds the key to the success of the corridor.
  • The Srilankan govt has taken billions of dollars in loans from China for Hambantota projects which are also part of BRI initiative. Now, Srilanka is at the mercy of the IMF to pay back China’s hefty loans. Likewise, a lack of transparency with respect to the interest rates and other terms may leave Pakistan in the same situation.
Source- Outlook

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