This investment in solar, wind and hydel plants will be in addition to projects already initiated by the Pakistan government, Sharif said while chairing a meeting of his cabinet.
China earlier agreed to provide a USD 6.5-billion soft loan for two nuclear power plants in Karachi, which are aimed at helping energy-starved Pakistan overcome a critical electricity shortage. The project is already in motion.
Sharif said projects of national importance like the Karachi-Lahore Motorway, 10 coal-based power projects and the upgrade of the Raikot-Haripur section of Karakoram Highway would be executed with Chinese assistance.
The economy also figured in the cabinet meeting, with the premier saying foreign investors had pledged to provide about USD 50 billion for different projects.
Sharif said his government's prudent energy policy has led to "good results".
"The electricity and gas supply is better as compared to the previous year and this has been...Due to better planning and management of the power supply and we are hopeful that the conditions will get better in future," he added.