BEIJING, March 24: A $22.26 million credit agreement for additional dredging of the Gwadar deep sea port was signed by Pakistan Ambassador Salman Bashir and Assistant President, EXIM Bank of China, Liang Xiang, here on Friday.

Extra dredging will enable 50,000 DWT vessels to utilise the port.

The development of Gwadar port is a shining example of Pakistan-China cooperation and the port is expected to be ready for operation later this year.

Speaking at the agreement signing ceremony, Mr Xiang assured the ambassador that they would continue to actively support other major economic projects in Pakistan.

The ambassador conveyed the gratitude of the Pakistan government for China’s valued support to Pakistan’s economy.—Online