Snapshots

Pakistan: Saudi Arabia to Invest in China-Backed Initiative

Sep 21, 2018 | 18:18 GMT

A key corridor of China's sprawling Belt and Road Initiative just got a new partner. On Sept. 20, Pakistan's Information Minister Fawad Chaudhry announced that Saudi Arabia has agreed to invest $10 billion in the China-Pakistan Economic Corridor (CPEC), an ambitious, $62 billion infrastructure and development project supported by Beijing. Pakistani media suggested that the scope of the Saudi-backed work would include a major petroleum complex at the proposed 80,000-acre "oil city" at the port of Gwadar....

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