China will put up US$6.5 billion to finance the construction of a nuclear power project in Pakistan’s port city of Karachi, Reuters reported, citing anonymous Pakistani officials. Pakistani Prime Minister Nawaz Sharif broke ground on the US$9.59 billion project last month but officials have provided few details of how they plan to finance it. Financing documents seen by Reuters showed China National Nuclear Cooperation (CNNC) has promised to grant a loan of at least US$6.5 billion to finance the project which will have two reactors with a capacity of 1,100 megawatts each. Two members of the government’s energy team and three sources close to the deal confirmed this. CNNC was not available for comment.
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