PM Approves Commercial Use of Billions Worth of Railway Land to Fund ML-1

Prime Minister Shehbaz Sharif has authorized the utilization of railway land for commercial activities in order to assist in financing the improvement of Main Line-1 (ML-1), as the government strives to render Pakistan Railways financially autonomous. During a meeting on railway reforms held on Wednesday, the prime minister advocated for improved progress on ML-1 and the implementation of corporate-style reforms to enhance the railway system and its financial standing.

Shehbaz instructed officials to develop ML-1 on a commercial basis by leveraging railway land valued in the billions of rupees that has been unlawfully occupied. He also commended the National Accountability Bureau and the Ministry of Railways for their collaborative efforts to identify and reclaim the unlawfully occupied land. In a distinct meeting on access to financing, the prime minister directed authorities to eliminate impediments hindering the flow of funding to housing, agriculture, and small and medium enterprises (SMEs).

He emphasized the need for a more efficient lending framework and requested the Small and Medium Enterprises Development Authority (SMEDA) to take measures to bolster the capabilities of SMEs. The meeting also examined the National Bank of Pakistan's lending performance. Shehbaz expressed satisfaction with the bank's 76 percent loan approval rate for housing finance and urged other provinces to digitize their land records, following the Punjab model, to facilitate banks in providing housing loans.