Prime Minister Shehbaz Sharif on Friday broke ground on the 1,200MW Chashma Nuclear Power Plant Unit 5 (C-5), which is expected to be completed in seven to eight years at a cost of $3.48 billion.
Addressing the groundbreaking ceremony, he directed officials concerned to complete the project per schedule to help the country fulfill its requirements for clean and cheap energy. Describing the project as a major milestone, he said it served as a symbol of cooperation between Pakistan and China.
Regretting that projects under the China-Pakistan Economic Corridor (CPEC) had stalled for several years, he said it was heartening to see them revived once more. “Our detractors had been fabricating rumors all around that Pakistan was going to default on its sovereign commitments, but we crossed all turbulent waters in just 15 months,” he claimed, crediting the government’s team for this achievement.
He noted this success would not have been possible without the $3 billion stand-by arrangement inked between the International Monetary Fund and Islamabad, as well as the financial support from brotherly countries such as China, Saudi Arabia and the U.A.E.
Around four months back, he recalled, the Chinese government and commercial banks had rolled over approximately $5 billion in loans to Pakistan. During his address, he paid tribute to Chinese President XI Jinping, Saudi Crown Prince Mohammed bin Salman and U.A.E. President Mohamed bin Zayed Al Nahyan for their support in Pakistan’s hour of need.
The prime minister maintained that that Chinese company working on the project had agreed to keep its overall cost at the same level that had been agreed upon in 2017-18 and not included any inflationary impact due to efforts from the ruling coalition and himself. Further, he claimed, a discount of Rs. 30 billion had been applied on his request, reflecting a sense of sincerity between the two countries.
Speaking at the event, Chinese Embassy Charge d’Affaires Pang Chunxue said the C5 project would help Pakistan produce low-carbon, clean and cheap energy, while also generating employment and engaging local industries to contribute to the project. Similarly, China National Nuclear Cooperation Chairman Yu Jianfeng said cooperation between the two countries in nuclear energy had become an integral part of their all-weather strategic partnership.
Planning Minister Ahsan Iqbal, Energy Minister Khurram Dastgir-Khan, and Pakistan Atomic Energy Commission Chairman Dr. Raja Ali Raza were also present on the occasion.