Proposal for ML-1 Sent to China’s Exim Bank for USD 6BN Loan Agreement
According to press reports, China has sent a proposal for Pakistan’s Main Line-1 (ML-1) project to the Exim Bank of China. The government is seeking clearance of a USD 6 billion loan for the development of the railway project.
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After the plan has undergone careful technical and administrative review, work will start on it. The project will be delivered to the relevant Chinese ministries that deal with issues relating to the railways, planning, and development after the financing has been approved by Exim Bank.
According to local media reports, the Executive Committee of the National Economic Council has approved the ML-1 project’s development being done in three parts (ECNEC). The project’s initial cost was USD 9 billion, however it was later cut to USD 6.8 billion.
The enhanced project entails the construction of the new ML-1 railway track between Taxila and Havelian and Karachi to Peshawar (1,872km).
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The project will also comprise new underpasses and flyovers over level crossings, upgraded rail carriages capable of traveling at 160 km/h, bridge renovation and construction, contemporary signaling and telecom systems, and complete track fencing.
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