Pakistan leases out its port

Pakistan leases out its port

A Russian oil tanker in the port of Karachi, Pakistan. Archive image. – Photo: Fareed Khan/AP/TT

Deeply indebted Pakistan has found an alternative to inject capital into the treasury. Parts of the port in Karachi will be leased to the United Arab Emirates, which will bring in 220 million dollars, approximately 2.3 billion Swedish kronor.

The agreement is written for 50 years and also means that the port will be expanded with an increased container capacity from the current 750,000 to one million containers.

Pakistan has for a long time been close to an economic collapse and the United Arab Emirates has been one of the countries that chose to give the country loan guarantees and also made direct investments in the country.

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