ISLAMABAD: Pakistan has proposed China to consider the financing of MainLine-I (ML-I), a rail project worth over $9 billion, in Renminbi (RMB).
According to sources, Pakistan made this proposal during the recentlyconcluded meeting of the Joint Coordination Committee (JCC) on the ChinaPakistan Economic Corridor (CPEC).
Sources said the Pakistani side had informed the meeting that it hasalready established the ML-1 Inter-Departmental Financing Committee. TheChinese side also agreed to constitute a high-level financing committee tonegotiate in this regard.
In addition to this, the Pakistani side informed that the umbrella PC-1 ofthe project has been submitted to the Planning Commission and would beapproved expeditiously. It was further added that the bidding documentswere under process and would be finalised by Dec 15.
The JCC expressed satisfaction on the review of the preliminary design(Phase I) for ML-1 and agreed to expedite the preliminary design and reviewof the remaining subprojects.
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Meanwhile, the JCC also reviewed the progress made on the Lahore OrangeLine Metro Train project. The Chinese side was apprised that the issuespertaining to power and water supply and drainage have been resolved to agreater extent.
“The bidding process for the issuance of operations and maintenance (O&M)contract will be completed by Nov 30.”
