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ISLAMABAD, Jul 19 (APP): Minister for Planning, Development and Reforms, Ahsan Iqbal has said that there was no need for establishing any authority to oversee projects being completed under China-Pakistan Economic (Corridor) framework.

A joint coordination committee having representatives of all stakeholder holds its meeting on fortnightly basis to establish coordination for executing US$ 46 billion CPEC projects, he said in a statement here.

He said, the work on CPEC projects was being carried out smoothly and ruled out establishing any overlapping institution.

The Minister said that the Planning Commission had been playing role of a facilitator in CPEC projects as the concerned ministries and departments were responsible to execute the projects.

Ahsan Iqbal said the $46 billion China-Pakistan Economic Corridor (CPEC) was a gift for the nation which would change the country’s fate, adding work on the projects under CPEC had been started with full pace.

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He said, out of US$ 46 billion investment under the CPEC, US$ 35 billion had been earmarked to overcome energy shortage.

The Minister informed that work on the 1320 MW power project at Port Qasim, Karachi was going on rapidly while another 1320 MW power project in Sahiwal would start producing electricity by June, 2017.

Similarly he said the 3600 MW Liquified Natural Gas (LNG) based three power projects (1200MW each) would also start producing electricity by May, 2017.

Ahsan Iqbal said work of 2000 MW K-2 and K-3 nuclear power projects was also ongoing which would be completed by 2020.

He said work on mega hydro projects of Dasu and Diamir Bhasha Dam had also been started.

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He further informed that by December, 2016, Gwadar city would be connected by road with Quetta, Khuzdar, Ratodero and Sukkur, while in three to five years, Karachi- Lahore Motorway would also be completed.

He said the current government during its three years period, earmarked Rs 100 billion for the up-gradation of Pakistan Railways while the cargo service of PR had also been revived due to which the cost was reduced by 50 percent.

He said the railway track from Karachi to Lahore was also being up-graded step by step which would help increasing the speed up to 160 kilometers per hour.