Saudi Arabia to join CPEC project as third economic partner: Pakistan government
CPEC project
Saudi Arabia is set to join the multibillion-dollar project China Pakistan Economic Corridor(CPEC) as a third major economic partner.
In a tweet on September 20, PTI minister Fawad Chaudhry announced that Pakistan had invited Saudi Arabia to join CPEC as the third strategic partner.The decision was taken in alliance with China.
Saudi Arabia's decision to invest in the project came days after Pakistan Prime Minister Imran Khan visited Saudi and United Arab Emirates in his first foreign visit since assuming office.
Saudi's addition to the project is aimed at recoveringthe Imran Khan-led Pakistan Tehreek-e-Insaf (PTI) government from the financial crunch faced by the country.
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The China-Pakistan Economic Corridor (CPEC), China's flagship project under its Belt and Road Initiative (BRI) will connect China's largest province Xinjiang with Pakistan's Gwadar port.
The $50-billion project will facilitate China's reach to the Arabian Sea.