New Silk Road Finance Awards 2017 South Asia: Best BRI project/initiative
Thar Engro Coal Power Project
Habib Bank (HBL) was quick to see the potential in China’s Belt and Road Initiative. It was mandated as an account bank on a host of early BRI projects, helping to finance and develop the deep-water port at Gwadar, as well as the $1.3 billion, two-stage development of the Karakoram Highway between China and Pakistan, and a clutch of highways, power plants, hydropower facilities and wind farms.
But HBL’s role in the Thar Engro Coal Power Project, which wins Asiamoney’s award for best BRI-related project or initiative in south Asia, stands out for two very good reasons.
The first is cost. This is an enormous and integrated scheme, and an important part of the $46 billion China-Pakistan Economic Corridor. It involves the construction of a $2 billion electric plant in the town of Islamkot, in Sindh province. A $1.7 billion high-voltage transmission line, built by China Electric Power Equipment and Technology (CET), will plug the new plant into the national grid.