ISLAMABAD, Jun 14: The Ministry of Water and Power and a Chinese firm signed on Friday a memorandum of understanding on cooperation in the fields of energy, mass transit, industrial cities and road projects.

The MoU was signed by Water and Power Secretary Anwar Ahmed Khan and Norinco International Vice-President Wang Yitong in the presence of Prime Minister Nawaz Sharif.

Under the agreement, Norinco will help Pakistan set up the projects. Pakistan will utilise financial, technical and managerial expertise of the company in the projects and those identified from time to time with mutual consent of the two sides.

Norinco undertook to facilitate financial assistance from the Chinese government on a fast track basis. The specific mode for implementing the projects would be developed and finalised on the basis of mutual consent.

The MoU will come into force at once and remain valid for the period determined by the two parties.

The signing ceremony was also attended by Punjab Chief Minister Shahbaz Sharif, Finance Minister Ishaq Dar, Water and Power Minister Khawaja Asif and Planning and Development Minister Ahsan Iqbal.—APP