Pakistan project is Silk Road's debut

Karot Hydropower Project to be run by China for 30 years before handover

China's $40 billion Silk Road Fund for investment, part of the nation's commitment to the Belt and Road initiative, announced its first project on Monday during President Xi Jinping's visit to Islamabad.

Silk Road Fund Co, the management arm of the fund, has signed a memorandum of understanding with China Three Gorges Corp and the Pakistan Private Power and Infrastructure Board to provide capital to build the Karot Hydropower Project on the Jhelum River in northeast Pakistan.