United Bank (UBL), Pakistan’s Best Bank 2016, and China Overseas Port Holding Company (COPHC), recently entered into an MoU for “Framework of Cooperation” to promote economic development of Gwadar and its Free Economic Zones.
The two institutions have mutually agreed to cooperate for banking services in response to strategic national priorities of China and Pakistan with respect to the “One Belt – One Road” initiative in general and the “China – Pakistan Economic Corridor (CPEC)” initiative in particular.
The signing of the MoU was held at the UBL Head Office in Karachi. Zhang Baozhong, Chairman COPHC, Sima Kamil, President & CEO, UBL, along with senior executives from both organizations attended the event.
Mr. Baozhong, Chairman COPHC, informed the attendees that four new projects have been announced for Gwadar.
He further informed that COPHC has invested around USD 200 Million for developing infrastructure at Gwadar Port and its surroundings, including five new cranes installed at Gwadar Port worth USD 30 Million, to carry out berthing activities at the port. By the end of this year, the port will be fully functional. For commercial activities, COPHC has established a business center for exhibition of products.
Ms. Kamil, President & CEO, UBL, said at the event, “UBL is aware of the economic benefits of the CPEC projects upon their completion and supports both Pakistan and China’s strategic economic interests under this initiative”. She further assured UBL’s team commitment to service COPHC and its investors.