Gwadar Port

Objective

3 multipurpose berths; 1 service berth

Description

Gwadar port is a deep sea port with an associated Free Zone under CPEC. The port is considered a crucial link between the land based Belt and Road Initiate and Maritime Silk Roads. It will enable transit of goods from Europe and West Asia to China through Pakistan thereby providing an alternative to the shipping route through the Strait of Malacca. 

History

Construction on a deep water port at Gwadar began in 2002 through an agreement with China. Phase I was completed in 2006. In 2007 Government of Pakistan signed a 40 year agreement with Port Of Singapore Authority (PSA) International for development and operation of port and adjacent SEZ. However, very little work was done during Phase II and the contract for construction and operation was eventually given to China Overseas Port Holding Company in 2013. In 2015 the port and associated SEZ were brought under the umbrella of CPEC with an estimated $ 1.62 billion announced for development. 

Finance