East Bay Expressway

The East Bay Expressway is an 18.9 kilometer long controlled access road what is under construction in Gwadar, Pakistan.[1] The project is expected to be complete by the end of 2017.[1]

The new 6-lane expressway will connect the Gwadar Port to the Makran Coastal Highway, and being developed by the Gwadar Port Authority .[2] The project is being developed as part of the "Early Harvest" scheme of China Pakistan Economic Corridor, and is part of a wider $1.62 billion development package for the city and port of Gwadar.[3]

The cost of the project is approximately $140 million, and will be financed by interest-free loans extended by China's state owned banks.[4] Pakistan will be required only to repay the principal value of the loan. As a condition for receiving a zero-interest rate loan, bidding for the project was limited to Chinese state-owned companies, and the contract was awarded on a government-to-government basis.[5]

References

  1. 1 2 "Gwadar port will soon become a game-changer: Michael". Dawn. 19 May 2016. Retrieved 6 July 2016.
  2. ↑ "Gwadar infrastructure projects to open new avenues of economical opportunities". Customs Today. 2 October 2015. Retrieved 6 July 2016.
  3. ↑ "Gwadar Expressway, Karachi-Lahore Motorway: Chinese Ambassador for early construction". Business Recorder. 6 June 2015. Retrieved 6 July 2016. China is expected to invest USD 1.62 billion in the Gwadar project, including construction of an expressway linking the harbour and coastline, a rail link, breakwater and other nine projects expected to be completed in three to five years, state-run China Daily reported.
  4. ↑ Butt, Naveed (3 September 2015). "ECONOMIC CORRIDOR: CHINA TO EXTEND ASSISTANCE AT 1.6 PERCENT INTEREST RATE". Business Recorder. Retrieved 16 December 2015.
  5. ↑ "Pakistan waives off bidding condition for CPEC projects". The Express Tribune. 14 June 2016. Retrieved 6 July 2016.
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