Iran, Saudi Arabia, GCC figuring-in CPEC, going at top gear: ADB

Amanullah Khan

Karachi—The energy and infrastructure development in the region with Pakistan as its nucleus under China-Pakistan Economic Corridor (CPEC) has appeared in a big way in the report of the Manila-based Asian Development Bank (ADB).
The planned South and Central Asia-China Energy Zone (SCACEZ) is attracting more funding and member countries. The total new funding comes to more than $52 billion with a big chunk being provided by China alone, which comes to $46 billion. Stressing the urgency of energy for Islamabad and the region, ADB’s annual report said: “Pakistan has benefited from soft international oil prices which account for almost a third of its imports, yet the country’s economy failed to achieve its growth potential, “This was due to weak performance in exports caused by structural issue such as a lack of diversification and supporting infrastructure in the manufacturing sector.”

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