China Picks Pakistan as First Stop on $40 Billion Silk Road
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China picked a dam project in northern Pakistan for its first investment by a $40 billion Silk Road infrastructure fund as President Xi Jinping looks to expand the country’s influence across three continents.
The fund will become a shareholder of China Three Gorges South Asia Investment Ltd., which will construct the Karot dam on the Jhelum river, according to a statement on the Chinese Foreign Ministry’s website on Tuesday. The total investment will be $1.65 billion, according to the People’s Bank of China.