ISLAMABAD, March 16: President Gen Pervez Musharraf will perform the foundation stone laying of $248 million Gwadar Deep Seaport on March 22. Chinese Vice Premier Wu Bangguo will also attend the inaugural ceremony.

Communications Minister Javed Ashraf Qazi, along with Secretary Communications Iftikhar Rashid, briefing newsmen here on Saturday said Pakistan and China had signed a pact finalizing technical and financial details for the construction of Gwadar seaport.

Out of the total package $50 million would be funded by Pakistan while the rest would be Chinese grant and commercial loan for the phase-I, he said.

The agreement was signed after detailed talks held between the secretary communications and the senior Chinese government officials in Beijing, he said.

The minister said the two countries would jointly supervise the construction by consultants appointed from both sides for ensuring quality and timely completion the project.

He said the China Harbour Engineering Company Group would undertake the construction. Under the pact, the Pakistani and Chinese firms could compete for buildings and road construction contracts.—APP