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Chinese bank financing Orange Line project in Lahore

Published February 9, 2017 Updated February 9, 2017 09:46am

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.

Copyright APP (Associated Press of Pakistan), 2017