China and Pakistan recently inked US$1.95 billion worth of agreements to finance the development of the Thar Block II coal mining project and the associated 660MW coal-fired power plant in the Thar region of Pakistan.
The financing package includes US dollar, Pakistani rupee and Islamic Sharia-compliant tranches. The lender syndicate was formed by banks from China and Pakistan. Chinese banks were led by China Development Bank, Industrial and Commercial Bank of China, and China Construction Bank.
