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, which was previously estimated at $9 billion. The project, which now includes institutional and operational reforms, has been re-evaluated and its infrastructure designed to accommodate train speeds of up to 160km per hour.
The construction is expected to be completed within three years. However, the National Assembly’s Standing Committee on Economic Affairs Division has expressed reservations regarding the operational speed and urged the project to fully utilize modern railway technologies and international standards. The committee also recommended a consultative meeting to address the progress and completion timeline of the K-IV water supply project in Karachi.
Brief written by urgent.news from Dawn Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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