ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Asad Umar Thursday directed Pakistan Railways to formulate a system of public-private partnership for the third phase of the Karachi Circular Railway (KCR) project.

"Karachi Circular Railway is an important project; it will not only provide modern transport facilities to the people of Karachi but it will also be a very attractive project for investment," the minister expressed these views, while chairing progress review meeting of the KCR project here.

Secretary Railway, CEO PPP Authority and senior officials participated in the meeting. It was informed in the meeting that work has started on various phases of the KCR project and timely completion of each phase will be ensured.

The Ministry of Railways is also constantly in touch with the Sindh Government and work on underpasses at various places is expected to start soon. It was decided in the meeting that necessary steps would be taken immediately to involve private sector in the project.

This process will be completed within the current financial year and work on the third phase will be ensured. The minister said that the Public-Private Partnership Authority would provide necessary and full cooperation and assistance to the Ministry of Railways in that regard.

He said that the construction of the KCR would now be completed in the next three years by mid-2023. He said that the project would provide modern transport facilities to the people of Karachi.

He said that the KCR would also be a very attractive project for investment. According to project director Ameer Muhammad Daudpota, the Centre has earmarked Rs10.5 billion for the rehabilitation of the first and second phases of KCR such that it can be built in the style of the Mainline-1 (ML-1) railway project. He said that the project was a priority of the Pakistan Railways and the federal and Sindh governments were on the same page with regard to KCR revival.

Copyright Business Recorder, 2020