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Business & Finance

CPEC: Development agreement of Rashakai SEZ to be held today

  • The Rashakai SEZ is to be developed under Public Private Partnership mode.
14 Sep 2020

An agreement signing ceremony for the Rashakai Special Economic Zone (SEZ) will be held today (Monday) at PM House, informed Chairman China Pakistan Economic Corridor (CPEC) Authority Lt Gen (retd) Asim Saleem Bajwa.

In a tweet post, the SAPM on Information informed that the China Road and Bridge Construction Company is the development partner with Khyber Pakhtunkhwa government for this project. He added this will accelerate the process of industrialization in Pakistan.

The Rashakai SEZ is to be developed under Public Private Partnership mode, by Khyber Pakhtunkhwa Economic Zone Development and Management Company (KPEZDMC) (a Section-42 company of Government of Khyber Pakhtunkhwa) in collaboration with China Road & Bridge Corporation (a state-owned Chinese enterprise).

An SPV Company of these two firms named Rashakai Special Economic Zone Development and Operations Company (RSEZDOC) has been created for implementation of this Agreement, which is first of its kind with Chinese counterpart being one of the parties. A project of USD 128 Million, spanning over 1,000 acres of land was awarded SEZ status on August 6, 2019 and its Concession Agreement was signed in April 2019.

To enable successful operations of this SEZ, federal government has committed Rs1.8bn for provision of 210 MWs of electricity, and Rs 1.2 billion for the provision of 30 mmcfd gas from the Federal PSDP.