ADB, World Bank Consider Funding $6.8 Billion ML-1 Project

Notably, the Asian Development Bank and World Bank, have expressed interest in financing Pakistan's 1, 800 kilometer Karachi Peshawar Main Line 1 railway project.

Key points

• The European Investment Bank, Islamic Development Bank and Japan International Cooperation Agency have additionally expressed interest in the project.
• The Economic Affairs Division briefed the National Assembly's Standing Committee on Economic Affairs on the project.
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• After the reassessment, the estimated cost of ML-1 was revised to around $6.68 billion to $6.80 billion, down from the earlier estimate of concerning $9 billion.
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Notably, the Economic Affairs Division briefed the National Assembly's Standing Committee on Economic Affairs on the project. While the Asian Infrastructure Investment Bank and World Bank had created co financing commitments, the committee was informed that the Asian Development Bank was being considered as the lead financing institution.

For context, the European Investment Bank, Islamic Development Bank and Japan International Cooperation Agency have additionally expressed interest in the project. Pakistan Fails to Obtain Approval for Bitcoin Mining.

In practice, the committee was informed that ML-1 covers more than the rehabilitation and upgrading of railway infrastructure. It additionally includes institutional and operational reforms aimed at improving the efficiency, sustainability and service delivery of Pakistan Railways. The project design was reassessed to identify gaps and incorporate necessary improvements.

While the at present envisaged operational speed is up to 120 kilometers per hour, the infrastructure is being designed to accommodate train speeds of up to 160 kilometers per hour. The construction period is targeted at regarding three years.

Notably, the committee triggered concern regarding the proposed operational speed and stressed that modern railway technologies and international standards should be fully utilized. It pressed infrastructure and operational parameters to backing speeds of up to 160 kilometers per hour where technically and economically feasible. Stay Connected with ProPakistani.

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For now, ADB, World Bank Consider Funding $6.8 Billion ML remains the part of the story worth watching, and further updates are likely as more details are confirmed.