China and Pakistan sign an agreement to build a nuclear power plant worth $4.8 billion

Sputnik – Pakistani Prime Minister Shehbaz Sharif said on Tuesday that Beijing and Islamabad have signed an agreement worth $4.8 billion to build a nuclear power plant with a capacity of 1,200 megawatts.

The prime minister added that work on the project, specifically Chashma 5, would start immediately. The agreements were signed after the signing of the Memorandum of Understanding between the China National Nuclear Cooperation Organization and the Pakistan Atomic Energy Authority, according to Reuters.

“China’s investment in this $4.8 billion project sends a loud and clear message that Pakistan is a place where Chinese companies and investors continue to show their confidence and faith,” Sharif said.

The Chashma 5 project will be built in the central province of Punjab. China’s support will help Pakistan move away from dependence on fossil fuels.

Pakistan’s total nuclear power generation capacity increased to 1,400 megawatts when the country’s sixth nuclear power plant was commissioned two years ago.

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Located in the southern port city of Karachi, this 1,100 MW plant was built with Chinese help.

It is not clear if the new investment is part of the $65 billion (R$311 billion) China pledged to build infrastructure for Pakistan under the New Silk Road.