M-9 Karachi-Hyderabad Motorway: Malaysian company approaches ADB, MCB and Askari Bank for financial close

A delegation of a Malaysian company which is building the Karachi-Hyderabad M-9 Motorway, called on President Asif Ali Zardari at Bilawal House here on Friday. The delegation headed by Tan Sari included Mutheu, Director, NG Chin Meng and Sarfraz Rizvi, Director.
Sindh Minister for Finance Syed Murad Ali Shah, Sindh Chief Secretary Raja Mohammad Abbas, GM BOT Muhammad Yousaf Barkakzai and other officials were also present besides Secretary General to the President M. Salman Faruqui, and Special Secretary Major Haroon Rashid (Retd). The delegation briefed the President about the progress made so far in the project to convert 4-lane 136 km long Karachi-Hyderabad Superhighway into a 06-lane Motorway.
The M-9 Karachi-Hyderabad Motorway is the largest BOT (Build-Operate- Transfer) project in the road sector. The Concession Agreement with the Malaysian company was signed on January 16 this year and the company has been given six months period to achieve financial close. The total construction period as agreed with the Concessionaire is 30 months from the achievement of financial close.
The President was informed that the company has approached Asian Development Bank, MCB and Askari Bank for achievement of financial close. It was informed that so far sides, the builder and the National Highway Authority (NHA) have appointed their representatives. The conceptual design has also been submitted by the company and the design proposal would follow soon.
The President was informed that the land has been mutated in the name of NHA and necessary action with respect to shifting of utilities, settlement with tenants etc was also in hand. The President expressed the hope that the builder would be able to complete the requisite formalities within the stipulated period and the project would commence without any delay.
He said that the roads and infrastructure projects in Sindh could be profitably undertaken on public private partnership basis by allowing the private investors to raise equity for it from the stock markets, if needed. The President also enquired about progress on the proposal to build a highway connecting Karachi with Thatta through private public partnership. He said that the Government wanted to provide conducive environment to the investors so as to enable them to take advantage of huge investment opportunities available in Pakistan. The delegation thanked the President for meeting.