Approximately $11 billion worth of infrastructure projects being developed by the Pakistani government will be financed at an interest rate of 1.6%,[243] after Pakistan successfully lobbied the Chinese government to reduce interest rates from an initial 3%.[244] Loans will be dispersed by the Exim Bank of China, China Development Bank, and the ICBC.[245] For comparison, loans for previous Pakistani infrastructure projects financed by the World Bank carried an interest rate between 5% and 8.5%,[246] while interest rates on market loans approach 12%.[247]