Islamabad: Pakistan Government is fast-tracking the finalisation of the financing agreement for the Mainline-1 (ML-1) railway project, which will connect Karachi to Peshawar, according to a news source on October 3.
According to the details, this comes ahead of Chinese Premier Li Qiang’s visit to the Shanghai Cooperation Organisation (SCO) summit on October 14-15. The ML-1 project, valued at approximately USD 6.8 billion, will be implemented in phases. The first phase will cover the stretch from Karachi to Multan, followed by the second phase from Multan to Peshawar. At a recent meeting focusing on the China-Pakistan Economic Corridor (CPEC), Planning Minister Ahsan Iqbal urged the ministries of railways and finance to expedite the finalisation of financing terms with China.
The goal is to announce the launch of CPEC’s second phase during the summit. Iqbal also called on all relevant government departments to resolve any outstanding issues and ensure the signing of key memorandums of understanding (MoUs) during the Chinese Premier’s visit.
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