Four international financial institutions will put in a combined financing of $490 million in Karachi Bus Rapid Transit (BRT) Red Line Project, which is one of the five metro bus projects approved for the metropolis.
According to revised PC-1 of the project available with Business Recorder, these four international institutions have jacked up their financing to $490 million from $477.26 million in the original PC-1 of the project.
The four foreign financial institutions include Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Agency France for Development (AFD) and Green Climate Fund (GCF) that would contribute in the total financing required for the project.
Sindh Government will put in $80.3 million (Rs 9.239 billion) in the total cost of the project in the revised PC-1 compared to $93.08 million (Rs 10.704 billion) in the original PC-1. Provincial government allocated Rs 100 million in Annual Development Plan (ADP) for financial year 2018-19.
The break-up of foreign finance in the project shows that ADB will contribute $242 million, AIIB $100 million, AFD$ 100 million and GCF $48 million.
PC-1 of the project indicates that Karachi BRT Red Line Project will develop a sustainable urban bus project in Karachi with less travel time and enhanced mobility and accessibility. BRT Redline will start from Numaish and will end at Malir Halt.
Documents show that estimated passengers per day would be 320,000 and envisage construction of metro bus dedicated corridor measuring 29.5 Kms in length, out of which 26.84 Kms at grade section, 0.8 kms is elevated and 1.86 kms is underground section.
The project's scope of the work includes six off-corridor routes including direct and feeder services. Work on the off-corridor routes involves rehabilitation of 5 Kms existing roads, repair of 20 Kms existing roads and provision of 200 bus shelters with bus bays.
Also, procurement of 199 buses comprising of three types 9m, 12m & 18m and provision of ITS equipment and security systems. Besides, land acquisition, resettlement plan, relocation of utilities and three-year operation cost of Trans Karachi.
In July 2018, Central Development Working Party (CDWP) directed the sponsoring agency to resubmit the project based on detailed designs and firmed up cost. In the light of CDWP's directives the PC-1 has been revised. Sindh chief minister has also approved the financing plan for the project.
According to anticipated annual operating and maintaining cost of the project stands at Rs 3.273 billion in the first year against the total revenue, which has been anticipated at Rs 3.651 billion.