Pakistan’s Ministry of Maritime Affairs at the annual joint meeting of the China Pakistan Economic Corridor (CPEC), on September 26th, announced major investment plans by the Chinese government for the development of the Karachi Coastal Comprehensive Development Zone, or KCCDZ. The project aims to develop a modern port city in coordination with the Karachi Port Trust.
Unlike previous deals under the CPEC which included monetary loans for development projects, the new agreement involves direct equity investment worth $3.5 billion. The KCCDZ plans to establish various infrastructure facilities on 1500 acres of underutilized land owned by the Karachi Port Trust, to support residential, commercial, and seaport activities.
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