President Mamnoon Hussain has said that friendship with China is the cornerstone of Pakistan’s foreign policy adding that Pakistan and China are iron brothers.
The President said this while talking to a delegation of China Three Gorges Corporation (CTGC) led by Chairman Board of CTGC, Mr. Lu Chun who called on him along-with a delegation at Aiwan-e-Sadr on Wednesday.
The President appreciated the significant investment plans of CTGC to develop renewable power projects in Pakistan, particularly large hydropower projects. The President commended Mr. Lu Chun for his dedication and focus on leading the Pakistan investment program of CTGC.
The President appreciated the lead role of International Finance Corporation (IFC), the private sector arm of the World Bank Group as one of the largest investors in the Pakistan power sector. The President also congratulated CTGC and IFC on the establishment of China Three Gorges South Asia Investment Limited (CSAIL) as the two founding shareholders for investment of US$ 7 billion for development of 3,000 MW of multi-stage renewable power projects in Pakistan.
The President stated that the historic visit of Chinese President to Pakistan will herald a new phase of strong bilateral cooperative partnership between the two brotherly countries.
The President encouraged CTG to take advantage of investment friendly policies of Pakistan by investing in hydro, wind and solar projects and assured of support of Government of Pakistan in this regard.
The President assured the support and cooperation to China Three Gorges South Asia Investment Limited (CSAIL) during implementation of its power projects in Pakistan. During the course of meeting, the delegation also apprised about CTGCs future investment plans in Pakistan.
After the meeting, a shareholders agreement between International Finance Corporation and China Three Gorges Corporation was signed. President Mamnoon Hussain also witnessed the signing ceremony.
The IFC delegation comprised Mr. Dimitris Tsitsiragos, Vice President Head of Delegation, IFC, Mr. Nadeem Ameer Siddiqui Senior Manager, Ms. Shabana Khawar, Principal Country Officer, Mr. Azhar Iqbal Hussain, Senior Investment Officer, Mr. Lachlan Henderson Jackson, Senior Counsel and CTGC’s delegation included Mr. Lu Chun, Chairman of BOD of CTGC, Lin Chuxue, Vice President CTGC, Mr. Wang Shaofeng, Chairman, BOD of CSAIL, Ms. Jin, Zheping, Interpreter, Mr. Qin, Guobin, CEO, CSAIL. The participants from Pakistan side including, among others, Mr. Mohammad Younus Dagha, Secretary, Ministry of Water & Power, Mr. Zafar Mehmood, Chairman, Water and Power Development Authority (WAPDA), Mr. Shahjahan Mirza, MD Private Power Infrastructure Board (PPIB) and senior officials of President’s Secretariat.