Islamabad: The Executive Committee of the National Economic Council (ECNEC) on Wednesday (March 16) approved the PKR 201 billion Karachi Circular Railway (KCR) project, news sources reported. The project will be developed, maintained and operationalised by the Karachi Circular Railways Management Company (KCRMC) under the Public-Private Partnership (3) financing model.
Reportedly, Finance Minister Shaukat Tareen stated that the project consists of a 43-kilometre dual-track route that would serve the purpose of mass public transportation. The project will be completed in a three-year duration. The meeting agreed to form a committee chaired by the finance minister to study the transaction structure associated with the federal government’s Viable Government Funding (VGF) contribution for KCR.
Some of the other projects approved by the committee are as follows:
The ECNEC authorised the Greater Thal Canal Project (Phase-II) at a total cost of PKR 38.372 billion, upon a request by the Ministry of Planning and Development (P&D)
The council also approved a 75% rise in project pay grades for direct recruitment of staff for development projects
The meeting also approved Khyber Pakhtunkhwa Rural Economic Transformation Project (RETP-KP) with a budget of PKR 30.24 billion.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
