Pakistan is hastening the finalization of the financing agreement for the Mainline-1 (ML-1) railway project, stretching from Karachi to Peshawar, in preparation for Chinese Prime Minister Li Qiang’s visit during the Shanghai Cooperation Organisation (SCO) summit scheduled for October 14-15.
The project, estimated at $6.8 billion, will be implemented in stages, starting from Karachi to Multan, and subsequently from Multan to Peshawar.
At a recent meeting focusing on the China-Pakistan Economic Corridor (CPEC), Planning Minister Ahsan Iqbal directed the ministries of railways and finance to settle the financing terms with China promptly, aiming to announce the launch of CPEC’s second phase at the upcoming summit.Â
Iqbal also called on all relevant government divisions to resolve any pending issues and maximize the signing of memorandums of understanding (MoUs) during the visit of the Chinese premier.
In a move underscoring the meeting’s significance, the minister excluded presentations from three ministries due to the absence of their principal officials. Representatives from the ministries of information technology, maritime affairs, and information and broadcasting were dismissed, although the secretaries for information technology and information and broadcasting later participated via video link.
The Ministry of Foreign Affairs has been tasked with ensuring the smooth exchange of the final drafts of MoUs and agreements with the Chinese counterparts.
A statement from the meeting highlighted that a high-level review of CPEC projects was conducted, illustrating a concerted effort by all relevant ministries to strengthen bilateral ties with China. The discussions were aimed at enhancing cross-sectoral cooperation and developing a comprehensive strategy to advance mutual economic and developmental objectives.
