The sources informed APP that PC-1 of the project had been approved by Executive Committee of National Economic Council (ECNEC) on January 12, 2015 and it was a 19-KM six-lane expressway with 2- way railway track.
The expressway provides immediate and uninterrupted connectivity to Gwadar Port terminals with the Mehran Coastal Highway in the first phase and with New Gwadar International Airport in the second phase.
"An amount of Rs. 13.543 billion would be funded through government of China confessional loan whereas Rs. 0.519 billion would be arranged through local component", sources added.
For this project, Rs. 4.7 billion have been earmarked for the project.
The sources added that the Chinese Government had agreed to provide 100 per cent interest free loan for the project.
The selection of Chinese company was made through limited bidding under the G2G framework.
Work of the project would start during 1st quarter of 2016-17.
Due to delay in review of project cost by MOFCOM allocated funds could not be utilized.
The minutes of the meeting are to be signed soon, afterwards commercial contract would be signed, the sources added.