Export-Import Bank of China Launches Mega Development Project of 2 x 660MW Coal-fired Power Plant
Baker & McKenzie recently advised The Export-Import Bank of China (CEXIM Bank) on a USD1.55 billion loan facilities involving the development of a 2 x 660 MW power plant in Port Qasim, Karachi, Pakistan by PowerChina.
Baker & McKenzie Beijing partner Simon Leung led the team comprising banking and project specialists based in China, Singapore, Qatar and Dubai advising CEXIM Bank.
This project was signed in April 2015 during Chinese president Xi Jinping’s visit to Pakistan as part of the China-Pakistan Economic Corridor (CPEC), a series of USD46 billion worth infrastructure projects in Pakistan funded by Chinese investors. The project is one of the first significant transactions under the CPEC which has achieved financial close as at today.
CPEC is an ongoing development mega project and an extension of China’s 21st century Silk Road initiative which is known as the One Belt, One Road Initiatives. The corridor is of great strategic importance as it seeks to increase the volume of trade routes between China, Central Asia, the Middle East and Africa.