Moscow and Islamabad have inked their largest-ever cooperation deal, worth billions of dollars, to expand trade and business, Pakistani officials have announced. It includes huge investments in energy, rail and steel industries.
The deal comes as a 64-member delegation, led by Russian Minister of Industry and Trade Denis Manturov, is in Pakistan on an official four-day visit.
As part of the agreement, Russia will provide financial assistance worth $1 billion for the rehabilitation and upgrading of the Pakistan Steel Mills (PSM) project.
The two sides also discussed investments in the much-delayed North-South gas pipeline. Russian companies are expected to build a gas pipeline from Karachi in the south to Lahore in the north-east to transport imported natural gas to meet the region’s energy demands.
Earlier this year, Russia promised a $14 billion investment in Pakistan’s energy sector, including $2.5 billion for the North-South pipeline project.