ISLAMABAD: Chinese companies working on power projects, initiated under China Pakistan Economic Corridor (CPEC), are still facing financial woes despite Prime Minister’s repeated assurances, well informed sources told Republic policy.
Chinese government through Pakistan’s embassy in Beijing and its own embassy in Islamabad has raised this issue at all forums. Chinese insurance company M/s Sinosure is also unwilling to insure new financing for power sector projects due to failure to meet contractual obligations of companies that have already established projects.
Official documents available with Business Recorder reveal that Sindh Engro Coal Mining Company (SECMC) has informed Power Division that due to significant delays in the opening of Letter of Credit (L/Cs) and foreign remittance, its mining operations are severely impacted.