The Chinese government will offer preferential loan to support the building of Pakistan's Gwadar deepwater port.
Yang Zilin, president of the Export and Import Bank of China (Eximbank), and Pakistani Ambassador in China Riaz Mohammad Khan signed a related agreement in Beijing Thursday.
According to the agreement, the 481.4 million yuan (US$58.21 million) of preferential loan will be used to support the first-phase construction of the port.
A spokesman for the Eximbank said the predicted investment in the first phase of construction is 248 million US dollars, of which 198 million will come from China.
The first-phase construction will last three years, during which three multi-purpose berths will be built.
So far, the Eximbank has provided financial support for over 90projects in more than 40 developing countries, the spokesman said.
(Xinhua News Agency December 27, 2002)