Orange Line Metro Train project: Punjab government signs financing deal with Exim Bank of China

An agreement was signed between the Punjab government and Exim Bank of China here Monday for the provision of Rs 162 billion soft terms funding for Lahore Orange Line Metro Train project. Punjab Chief Minister Shahbaz Sharif was the chief guest at the ceremony.
Federal Secretary Economic Affairs, Tariq Bajwa and Vice President of Exim Bank Sun Ping signed the documents on behalf of their respective governments. Federal Minister for Finance Ishaq Dar, Federal Minister for Planning & Development Ahsan Iqbal, Charge-d-affaires of Chinese Embassy in Pakistan, Pakistani Ambassador in China Khalid Masood, Provincial Minister Finance Ayesha Ghaus Pasha, Provincial Ministers, Assembly Members, Chief Secretary, prominent industrialists, bankers, intellectuals, columnists and senior officers of federal and provincial institutions were present on the occasion.
Shahbaz Sharif said that today is an important juncture in the friendship between China and Pakistan as an agreement is being signed for the provision of funds for orange line metro train project, an invaluable gift of Chinese government and leadership for 180 million people of Pakistan, this project reflects the full confidence of Chinese leadership in Prime Minister Nawaz Sharif and the love for people of Pakistan.
However, he said the process of close economic cooperation between the two countries that started two and a half years ago is spreading to every corner of Pakistan, by extending help to Pakistan in the hour of need, China has proved to be a sincere friend of Pakistan.
The CM said the project of orange line metro train is an important step towards modern transport system and work has been started expeditiously on the civil works of this unique project in the history of the country. He congratulated the people of Pakistan over signing of agreements for the provision of funds for the Metro Train and said after completion of this project, 0.25 million people will travel by metro train daily and their number will grow.
He said under the agreement, the project will be completed in 27 months but every effort will be made for its completion within 24 months and the verbal commitment has been made with Chinese authorities in this regard. This project is also important in this respect that it will result in transfer of Chinese technology to Pakistan and creation of thousands of job opportunities. It is the first project the civil works of which are being carried out by Punjab government which reflects the confidence of China in the abilities and capabilities of Pakistanis construction companies.
Shahbaz Sharif hoped that China Railway and NORINCO could subcontract electrical and mechanical works to Pakistani companies, under China Pakistan Economic Corridor, China is making an investment of $46 billion in Pakistan, out of which, $36 billion are being spent only on energy projects. Chinese President Xi Jinping and Chinese Prime Minister Li Keqiang have given a number of gifts to Pakistan out of which CPEC project and Lahore Orange Line Metro Train Project outstanding.
He also thanked federal government for its cooperation and the entire team of Punjab government, Chief Secretary, Managing Director Punjab Metro Bus Authority, Kh Ahmed Hasaan, Provincial Ministers, Pakistani Ambassador to China Khalid Masood, Chinese Embassy in Pakistan and all concerned authorities for their cooperation. He also expressed gratitude to Vice President Exim Bank for the provision of funds for this project
Federal Minister for Finance Ishaq Dar while addressing the ceremony said that today is a historic day for the people of Pakistan especially Punjab as under the leadership of Chief Minister Punjab Muhammad Shahbaz Sharif an agreement for the funding of a big project for infrastructure is being signed. He congratulated Chief Minister who is known as 'man of action' in China. He is extending full cooperation in the efforts being made under the leadership of Prime Minister for resolving energy crisis. He said the cooperation of Punjab government with regard to development projects is proving very helpful in achieving the targets of development, collective efforts are needed for achieving the goal of a prosperous and an independent Pakistan.
Ishaq Dar further said that the steps taken under the leadership of Prime Minister for strengthening of the national economy are yielding positive results and international institutions are also acknowledging this fact. Federal Minister for Planning & Development Ahsan Iqbal said the agreement for funding of Lahore Orange Line Metro Train Project has been signed between Exim Bank of China and the government and this mega project of infrastructure will help in the promotion of economy. Under the leadership of Shahbaz Sharif, Punjab government is completing big projects of infrastructure development.
He said the glorious project of metro bus service has been completed, billions of rupees of the nation have been saved in development projects, the economy of the country is improving and the confidence of foreign investors in Pakistan is enhancing.
He said China Pakistan Economic Corridor is a national project and all provinces will benefit from it and a new era of progress and prosperity will usher in, projects like Orange Line will also be seen in all big cities of Pakistan in future as such projects are aimed at achieving the destiny of the nation.
Vice President of Exim Bank of China said that Chief Minister Muhammad Shahbaz Sharif visited China a number of times for giving a practical shape to this project and he also came to Exim Bank. The governments of Pakistan and China have jointly furthered this project and will work together in future as well so that this project could be given a practical shape as soon as possible. He said that no effort will be spared for the completion of the project within stipulated period.
Charge-d-affaires of Chinese Embassy in Islamabad said that it is honour for him to participate in the ceremony. He also congratulated Chief Minister Shahbaz Sharif and people of Punjab on signing of the project. He said Shahbaz Sharif is known in China as man of action and he has proved this fact. Lahore Orange Line project is of vital importance with regard to provision of speedy and safe transport facilities to the masses. He said that this project is also very significant with regard to Pak-China friendship and economic cooperation. Managing Director Mass Transit Authority Sibtain Fazal Haleem threw light on the important features of Lahore Orange project.