China backing away from its initial financial promises to Pakistan under its CPEC project

Amid rising number of incidents of corruption and terrorist attacks on Chinese engineers, China seems to be backing away from its initial promises made to Pakistan under its China-Pakistan Economic Corridor (CPEC), a US$60 billion infrastructure building plan.

As per the reports, the Pakistan Army, in a bid to reassure Beijing that their investments will be more secure amid the terrorist attacks on Chinese engineers and others facilitating the infrastructure projects, is set to take near-total control of the CPEC.

According to the data presented by Boston University researchers in the United States, the overall lending by the state-backed China Development Bank and the Export-Import Bank of China, in 2019 declined from a peak of USD 75 billion in 2016 to just $4 billion last which further got shrunk to around $3 billion in 2020.

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