Chinese bank approves rollover of $1.3bln loan for Pakistan: Ishaq Dar
By Rahul Basharat | Gwadar Pro Mar 5, 2023
ISLAMABAD, Mar. 5 (Gwadar Pro) - Finance Minister Ishaq Dar announced that the Chinese Bank Industrial and Commercial Bank of China Limited (ICBC) has approved rollover of $1.3 billion loan after completing the necessary formalities.
In a tweet, Ishaq Dar said Pakistan will receive this amount in three installments. The first instalment of $500 million has been received by the State Bank of Pakistan (SBP).
The Minister also said the loan facility will increase forex reserves.
It is worth mentioning that he applauded the Ministry of Foreign Affairs of the People's Republic of China’s response to the western media who raised a question regarding China’s loans awarded to Pakistan on Friday.
