Breaking News: Pakistan and China Divide ML-1 Railway Project
Pakistan and China have reached a decision to split the 6.8 billion dollars’ cost ML-1 railway project into two phases. According to sources, separate agreements will be signed for Phase-I and II, with Phase-I expected to be executed next month at a cost of 3.2 billion dollars.
The first phase will involve completing the railway line from Karachi to Hyderabad, and from Hyderabad to Multan. Following the completion of Phase-I, a feasibility study will be conducted before moving on to Phase-II, which will see the construction of the railway track from Multan to Peshawar.
The financing terms with Chinese officials will be finalized this month, with Pakistan looking to secure a low-interest loan from China for the mainline project. The ML-1 project, part of the CPEC initiative, spans a total length of 1,872 kilometers and aims to revamp the Karachi-Lahore-Peshawar railway track.