BEIJING/ISLAMABAD (APP) - Salman Faruqui, Secretary General to the President said here Friday that a US$ 700 million MoU signed between Pakistan and Chinabs EXIM Bank will help generate electricity for local community through 12 small and medium sized dams and water reservoirs in all the four provinces. In addition he said it would help irrigate millions of acres of agricultural land and create livelihood. This credit line will help us alleviate poverty, the Secretary General said after the signing ceremony that he witnessed at the EXIM Bank. According to a press release, the MoU was signed by Farrakh Qayyum, Secretary Economic Affairs Division and Zhu Li, Executive of the EXIM Bank of China. Chairman WAPDA Shakeel Durrani, Ambassador Masood Khan of Pakistan and senior officials of the Pakistan Embassy witnessed the signing ceremony. The Secretary General termed signing of the MoU as a landmark achievement of his visit. The Secretary General underlined that construction of small and medium sized dams and water reservoirs in far-flung areas of Pakistan will contribute substantively to uplifting the economic conditions of the poor people. He added that construction of these dams and water reservoirs will provide greater employment opportunities and contribute to the wellbeing of the people of less developed areas. Meanwhile, Chinese Ambassador Luo Zhaohui has assured to execute all the water and power sector projects especially 200 MW rental power project in Quetta at the earliest for timely completion. He was talking to the Minister for Water and Power, Raja Pervez Ashraf here on Friday. Both the Minister and the ambassador also discussed matters of mutual interest to enhance bilateral trade and economic cooperation. The Chinese ambassador assured to take up all the projects to be executed by the Chinese companies at Balochistan and AJK. He said that Chinese companies are interested to take part in all the major projects to share their expertise with Pakistan. The Minister said that the rental project of 200MW at Shaikh Manda in Quetta will help to stable power supply in Quetta and surrounding areas. He said that chinese company has signed the EPC contract and the government is looking for its timely completion to ease the energy crisis there. He also discussed other projects being executed by Chinese companies in rest of the country and Balochistan. Chinese companies have expressed the desire to invest in different areas of energy sector including hydropower. This was stated by the Federal Minister for Investment, Senator Waqar Ahmed Khan during his visit to Hong Kong General Chamber of Commerce, said a statement issued here on Friday. He said that Pakistan was seeking foreign investment in energy sector to fulfil energy shortfall in the country.