Financing ML-1 project: PM orders unlocking commercial potential of railway land
ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday directed authorities to accelerate work on the Main Line-1 (ML-1) railway upgrade and introduce corporate-style reforms to make Pakistan Railways financially sustainable. Chairing a review meeting on reforms in Pakistan Railways, the prime minister also approved a plan to use commercial projects on railway land to secure bank financing for the…
Islamabad, Pakistan - Prime Minister Shehbaz Sharif addressed a review meeting on Wednesday, emphasizing the need for accelerated work on the Main Line-1 (ML-1) railway upgrade and the introduction of corporate-style reforms to enhance Pakistan Railways' financial sustainability. The prime minister directed authorities to prepare a comprehensive plan within two weeks to unlock the commercial potential of railway land, utilizing the proceeds and bank financing for the ML-1 project.
Recognizing the importance of ML-1 modernization for enhancing passenger services and increasing freight transportation, Sharif urged the effective utilization of railway assets, including billions of rupees worth of identified land, on a commercial basis to aid in the railway's construction. The meeting also highlighted the railway's valuable property that should be effectively employed for commercial purposes, with Minister for Railways Hanif Abbasi working towards improving operations and profitability.
The ML-1 project, spanning 1,726 kilometers, has been divided into four major sections, with the first section, Karachi-Rohri, being pursued with international financing.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
