(The NEWS, Islamabad) Pakistan and China have signed a $1 billion accord to construct 12 dams in Pakistan.

The Chinese import/export bank would provide $700 million loan, while the remaining $300 million would be taken care of by the Planning Commission (PC).

Sources said that Wapda had prepared a feasibility report, according to which 650,000 acres of four provinces would be brought under irrigation. An MoU has been signed in this regard between Wapda and Exim Bank (import/export) of China.

When contacted, Wapda Chairman Shakeel Durrani informed this news agency that Exim Bank would provide $700 million while the remaining $300 would be furnished by the Government of Pakistan. The $700 million loan of Exim Bank would be repaid in easy installments and work on project would commence during the current year.