BEIJING, Oct 15 (APP): Pakistan and China on Thursday signed two agreements and Memoranda of Understanding (MoUs) on Space concessional loan, space technology and alternative energy. Prime Minister Syed Yusuf Raza Gilani witnessed the signing ceremonies as the respective officials of the companies inked the documents.

The concessional loan agreement for PAKSAT was signed between Pakistan’s Economic Affairs Division and Export Import Bank of China.

Under the agreement, China will provide an amount of US$ 190 million for the supply of PAKSAT-1R which will replace the PAKSAT-1 that has a lifespan till 2011. The loan will cover 85 percent of the cost of the project.

Another agreement was signed between Pakistan Space and Upper Atmosphere Research Commission (SUPARCO) and China Great Wall Industry Corporation for Pakistan-1R Satellite Ground Control Segment.

The Ground Control Segment will comprise the establishment of stations at Lahore and Karachi. The stations will be used to monitor the satellite and control its operation for the duration of its 15-year life.

Pakistan’s Alternative Energy Board signed MoUs with China’s Wuxi SUNTECH Power Company and China Electric Equipment Group Solar Energy Research Institute Co. Ltd (CEEG SI) respectively for cooperation in the field of alternate energy projects in Pakistan.

Both SUNTECH and CEEG SI are major Chinese companies in the field of alternative energy and involved in several projects both in China and abroad. The two companies are interested in undertaking alternate energy projects in Pakistan to help overcome the power crisis in the country.