President of Pakistan Mr. Arif Alvi proclaimed an ordinance to establish the China Pakistan Economic Corridor (CPEC) Authority and extending tax concessions to Gwadar Port in line with the Gwadar Port Concession Agreement.
Through the ordinance, the government has given vast financial and administrative powers to the CPEC Authority, including making its executives exempt to legal prosecutions and giving it the powers to make its own budget, appoint and engage different provisions for this vital project activities.
The CPEC Authority will build on the work carried out by the CPEC secretariat.
The challenge in front of the CPEC Authority would be to attract more Chinese financing into CPEC projects.
The established of CPEC Authority was intended to track the CPEC activates, find new ways of growth and potential ways to increase the production and regional and global trade cooperation through easy and secure network access and connectivity
The government has given complete financial autonomy to the authority. The CPEC Authority has been placed under the Planning, Development and Reform Division
The authority will also have freedom to open and maintain its own bank reports at scheduled banks in the country.
The new established CPEC authority will be largely responsible for coordination, checking, supervising and evaluation to safeguard the accomplishment of CPEC-related actions and activities proactively.
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