Chinese companies sign MoU to invest in Ravi Urban Development Project

LAHORE: Showing interest in the Ravi Urban Development Project, two Chinese companies on Saturday signed a memorandum of understanding (MoU) with the Ravi Urban Development Authority (RUDA) for multibillion-dollar investment in the project.

The MoUs were signed by the representatives of the China Road and Bridging Company (CRBC), a member company of 4C conglomerate from China, and Gezhouba Group Company Limited (CGGC), and RUDA Chairman and CEO Rashid Aziz.

According to a RUDA’s spokesperson, separate delegations of both the Chinese companies held a meeting with RUDA chairman and later signed the MoUs. On the occasion, they were briefed by the Chairman along with his team on the importance and scale of this mega city endeavour.

The CRBC signed MoU for an investment of over US $5 billion into the project. The company has already completed major infrastructure projects like Sukkur Bypass, Mansehra-Haveleian-Thakot new expressway, Sukkur-Multan Motorway and many others under CPEC in Pakistan. The CGGC, a hydro power developer company in Pakistan from China, signed the MoU for firming up frame agreements for investment and executing development works in different zones of the city. The group built Neelum Jhelum power project and are currently working on Pakistan major hydropower dams at Dassu and Mohmand. They are also investing and constructing Sukhi Kinari IPP in Kaghan Valley.