Pakistan seeks $6.6 foreign investment
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Main Line-1 (ML-1) railway project in Pakistan is expected to be completed at a reduced cost of $6.6 billion, down from the initial estimate of $9 billion. Chinese officials are set to present this revised plan to Pakistan's Planning Commission after the 'one belt one road' conference.
This revised plan will trim $2.4 billion from the project's cost, and both parties reached an agreement on it during a joint working group session in China. The planning ministry and Chinese officials have discussed this revised plan, with the participation of the Secretary Railways and Secretary Communications in the joint working group meeting.
The project's cost reduction was achieved through mutual consultation, and it's worth noting that Pakistan will provide 15% of the project's financing. The ML-1 project aims to upgrade and double the 1733-kilometer railway track from Karachi to Peshawar while incorporating modern signaling and telecom systems, enabling trains to run at speeds of up to 140 kilometers per hour.
As a cost-saving measure, the plan to fence the entire railway track has been postponed, and fencing will only be implemented in populated areas.
