China and Pakistan on Monday signed a financing agreement on a coal power project located in the Thar Coalfield in Pakistan's Sindh province.

The project will cost in excess of 2 billion U.S. dollars, including the exploitation of a 3.8-million-tonne coal mine and the construction of a 660,000-kilowatt power station near the mine.

China will contribute 800 million U.S. dollars to the financing, while the Pakistani partners will provide 500 million U.S. dollars, mainly through China Development Bank and Habib Bank.

The project is expected to be completed by the end of 2017.