Pak Govt Soon to Finalize Agreement on Beijing Loan for ML-1 Project
Islamabad:
The Government of Pakistan has recently finalized all the relevant terms and conditions
for the loan of Main Line-1 (ML-1) from Beijing. This project will be carried out by the
Pakistan Railways (PR) in collaboration with other stakeholders. The ML1 is poised to
revolutionize the fast rail transportation in Pakistan. This will not only benefit
passengers but also goods transportation via rail from Karachi to Khyber.
Read more: Railways Expedite Efforts to Retrieve 13,927 Acres of Land Across Pakistan
According to the sources, Pakistan Railways Chief Executive Officer (CEO), Amir Ali Baloch
stated that all the aspects had been pondered upon with all the nitty gritty. China will
finance the project and also provide any necessary expertise to complete the project.
The process of loan agreements comprises government-to-government (GtoG) dialogue.
He also expressed that all the pertaining matters other than the loan regarding
this project have also been discussed involving an adendum.
The ML1 project is deemed to transform the age-old infrastructure that needs immediate
revamp, and hence deemed necessary. The project has gone through several revisions
including the cost of $6.6 billion than the previous $9.8 billion. It is pertinent
to mention that ML-1 has been part of the Belt & Road Initiative (BRI).
As per the revised plan, the project comprises four phases while covering a distance of
1,726km from Karachi to Peshawar. The upgrade now aims to enhance rail travel in
Pakistan with improved speeds up to 140-160km/h.
For more information, please visit Fuldax Marketing.
We are 24/7 available.
Call us today 0300 5550291