Pakistan signs nearly 500 mln dollars in China deals at Silk Road summit

ISLAMABAD, May 13: Pakistan signed new deals with China on Saturday worth nearly 500 million dollars ahead of Beijing’s international forum on its “Silk Road” trade and infrastructure initiative for Asia, Africa and Europe, the Pakistani government said.
The memorandums of understanding add to 57 billion dollars already pledged for the China-Pakistan Economic Corridor (CPEC), a network of rail, road and energy infrastructure that is part of the wider Chinese project also known as One Belt-One Road.
The deals came as Pakistani Prime Minister Nawaz Sharif met Chinese President Xi Jinping ahead of the Beijing summit expected to be attended by leaders from at least 29 countries to promote Xi’s vision of expanding trade links.
Delegates in Beijing will hold a series of sessions tomorrow to discuss the plan in more detail, including trade and finance.
Proposed in 2013 by Xi, the project is broad on ambition but still short on specifics.
(Reuters)