Pakistan and China sign $4.8 billion deal for nuclear power plant

Pakistan and China have officially signed a significant agreement worth $4.8 billion to construct a nuclear power plant, according to Prime Minister Shehbaz Sharif.

This deal is seen as a significant investment from China, which Pakistan considers to be its most reliable ally. The project, known as Chashma 5, will commence immediately following the signing of the memorandum of understanding between China National Nuclear Cooperation and Pakistan Atomic Energy Commission.

The construction of the 1,200-megawatt power plant, set to take place in Punjab, will help Pakistan reduce its dependency on fossil fuels, according to reports.

With this new addition, Pakistan’s total nuclear energy production capacity will reach 1,400 MW, building upon the success of the country’s sixth nuclear power plant in Karachi, also constructed with Chinese assistance.

As Pakistan faces financial challenges, Prime Minister Sharif expressed gratitude to the Chinese partners for offering a $100-million discount for the latest project.

While it remains unclear if this investment is part of China’s $65 billion commitment to infrastructure development under the Belt and Road Initiative, Sharif acknowledged the Chinese side for not rescheduling costs despite the project’s initial delay.

China National Nuclear Cooperation and the Chinese Ministry of Foreign Affairs have not reacted to this, so far.

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