Asian Development Bank, World Bank show interest in $6.8bn ML-1
ISLAMABAD: Major international lenders, including the Asian Development Bank (ADB) and World Bank (WB), have expressed interest in the 1,800km Karachi-Peshawar Main Line-1 (ML-1) railway project, with its revised estimated cost of $6.8 billion following the withdrawal of Chinese financing . A team of the Economic Affairs Division (EAD), led by Secretary Humair Karim, briefed the National…
The Asian Development Bank (ADB) and World Bank (WB) have shown interest in the $6.8 billion Karachi-Peshawar Main Line-1 (ML-1) railway project, following the withdrawal of Chinese financing. A team from the Economic Affairs Division briefed the National Assembly’s Standing Committee on EAD on the ML-1 project, which includes institutional and operational reforms to enhance Pakistan Railways' efficiency, sustainability, and service delivery.
The project design has been re-evaluated to accommodate train speeds of up to 160km per hour, with an expected completion timeline of three years. The committee expressed concern over the operational speed and recommended a consultative meeting to focus on major development and infrastructure projects in Karachi and Sindh. The panel also emphasized the importance of addressing outstanding issues and financing-related bottlenecks to expedite implementation.
Concerning the K-IV water supply project, the committee stressed the need for thorough review and corrective measures to meet Karachi's growing water requirements by 2029.
Written by urgent.news from Dawn's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
