Pakistan has decided to cancel a $14 billion infrastructure agreement with China because it could not accept the hyper strict conditions, local media reported, in another setback to Beijing’s overseas ambitions. The exclusion of the Diamer-Bhasha dam from the China-Pakistan Economic Corridor (CPEC) framework, a key element to Beijing’s Belt and Road Initiative, was because China’s hyper strict conditions for funding the project were “not doable and against our interests,” Pakistan’s Express Tribune quoted Water and Power Development Authority chairman Muzammil Hussain as saying on Thursday. The harsh conditions included China taking ownership of the project, the operation and maintenance costs and pledging to build another operational dam, the South China Morning Post reports. The project will go on ahead, however, as Pakistan has decided to finance the 4,500 MW project itself. The decision comes only a few days after Nepal called off a $2.5 billion hydropower plant awarded to a Chinese state-owned company.
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