ISLAMABAD: The Executive Committee of the National Economic Council (ECNEC) has approved, in principle, up-gradation of Pakistan Railways existing main Line-1 (ML-1) project at the total cost of US$ 9,851.079 million and Karachi Circular Railway (KCR) at the total cost Rs 292,388 million with foreign share of Rs 263,149 million.
The meeting of the ECNEC presided over by Finance Minister Ishaq Dar considered and approved, in principle, Ministry of Railways modified PC-1 for up-gradation of Pakistan Railways existing Main Line-1 (ML-1) project at the total cost of US$ 9,851.079 million subject to recommendation of cost, technical details and preferably an equity participation financial model.
The meeting was informed that ML-1 starts from Karachi, passes through Kotri, Hyderabad, Rohri, Multan, Lahore, Rawalpindi and terminates at Peshawar.
The ECNEC considered and approved, in principle, Karachi Circular Railway (KCR) project at total cost Rs. 292,388 million with foreign share of Rs. 263,149 million. The meeting was told that the project envisages construction of 44-kilometre long and dedicated track of modern urban railway in Karachi starting from Drigh Road, passes through areas including Gulshan-e-Iqbal, Federal B area, Liaquatabad, North Nazimabad, Nazimabad, SITE, and Lyari.
PR clarifies no contract issued for upgrading ML-1
The ECNEC also discussed and approved, in principle, establishment of 48-MW Shounter hydropower project in district Neelum, AJK subject to revision of cost based on exchange rate of dollar @ Rs. 220. The project envisages construction of 48-MW Hydro Power Project located on the lower part of Baral River which is right bank tributary of Neelum River, near Kel town village Shounter in Neelum Valley.
The meeting was attended by Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, Federal Minister for Commerce Syed Naveed Qamar, Planning & Development Minister of Balochistan Noor Muhammad Dummar, Federal Secretaries, Chairman FBR and other senior officers from Federal, as well as, senior provincial officials.
Copyright Business Recorder, 2022