KARACHI: China's largest commercial bank has announced that it provided short-term financing of $20 million for a rapid transit line project in Pakistan last month.
The 26-kilometer Orange Line project currently under construction in Lahore, the second largest city and a major industrial hub of Pakistan, is being built according to Chinese standards and will use metro vehicles and electromechanical systems made in China, reports prominent English language newspaper - China Daily.
The Industrial and Commercial Bank of China Ltd (ICBC) the only Chinese commercial bank in Pakistan has been actively supporting projects of the China-Pakistan Economic Corridor.
The ICBC issued a $25 million loan for the 50-megawatt Dawood wind farm project in December 2015 and $100 million export buyer's credit for the construction of a 49.5-megawatt Sachal wind farm in Pakistan's Sindh province the same year.
-APPÂ
