The Executive Committee of the National Economic Council (ECNEC) has approved Rs292.4 billion funds for the Karachi Circular Railway (KCR) project with a foreign share of Rs263 billion.
Today’s ECNEC meeting was presided over by Finance Minister, Senator Ishaq Dar. The committee gave the Karachi Circular Railway (KCR) project approval to receive Rs 292.4 billion in financing.
The project calls for the construction of a 44-kilometer-long, dedicated track for a modern urban railway in Karachi, according to the state news agency. From Drigh Road, it would proceed through SITE, Gulshan-e-Iqbal, Federal B area, Liaquatabad, North Nazimabad, Nazimabad, and Liyari.
Main Line-1 (ML-1) project
Additionally, the ECNEC approved the Ministry of Railways’ modified PC-1 for the improvement of Pakistan Railways’ current Main Line-1 (ML-1) project. It had a total cost of US$9,851.079 million, subject to cost recommendations, technical specifications, and preferably an equity participation financial model.
The Main Line-1 (ML-1) stretches from Karachi to Peshawar through Kotri/Hyderabad, Rohri, Multan, Lahore, and Rawalpindi.
The development of the 48 MW Shounter Hydropower Project in the district of Neelum, AJK, was also considered and approved by the ECNEC in another decision, subject to cost adjustment based on the dollar exchange rate of Rs220.