Pakistan gives two CPEC projects extra time to reach close

In:

Manufacturing, Traditional energy

Region:

Asia-Pacific

The Private Power and Infrastructure Board (PPIB), chaired by Pakistan's Power Minister, has agreed to revise the deadline for achieving financial close for two CPEC projects on the understanding that the completion date of the projects is not compromised.

The $1.7 billion 4GW Matiari-Lahore transmission line project has been given an extra three months to achieve close which has been set at February 29th, 2019. Delays have been caused by extended negotiations for the transmission line service agreement and a State Bank of Pakistan (SBP) loan.

A nine-month extension was also granted to the 300MW Gwadar Coal Power Project to reach its financial close by August 2019.

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