ISLAMABAD - Pakistan and China on Friday signed a letter of exchange for the feasibility study of Gwadar Port City Master Plan Project costing Rs 410 million under a government to government arrangement.

Secretary Economic Affairs Division, Tariq Bajwa and Ambassador of China to Pakistan signed the letter of exchange on behalf of their respective governments.

Chinese side agreed to finance the project under grant assistance and subsequently a meeting was held in Beijing on August 25, 2015 between Chinese ministry of commerce and the government of Pakistan to discuss Gwadar Smart Port City Master Plan Project.

Accordingly the implementation mode, objectives and scope, time frame arrangement of the Project were discussed and the minutes of the meeting duly concurred by ministry of planning, development and reforms were signed by ministry of commerce and EAD on November 24, 2015.

Pakistan and China agreed to undertake the feasibility study on the Gwadar Port City Master Plan Project. In this connection Letter of Exchange has been signed on Friday.

After the signing, the Secretary EAD expressed his government’s gratitude for the financial and technical support being provided by Chinese over the years, specially the China Pakistan Economic Corridor (CPEC) projects.