The Executive Committee of the National Economic Council (ECNEC) has approved Rs292.4 billion in funds for the Karachi Circular Railway (KCR) project with a foreign share of Rs263 billion.
The Karachi Circular Railway (KCR) Project, with a total cost of Rs. 292.4 billion and a foreign share of Rs. 263.149 billion, was also taken into consideration and given general approval by ECNEC.
Finance Minister Senator Ishaq Dar chaired the ECNEC session today.
The Karachi Circular Railway (KCR) project was given approval for Rs292.4 billion in funding by the committee.
According to the state news agency, the project calls for the building of a 44-kilometer-long, dedicated track for a modern urban railway in Karachi. It would run from Drigh Road through Gulshan-e-Iqbal, Federal B area, Liaquatabad, North Nazimabad, Nazimabad, SITE, and Liyari.
Moreover, the ECNEC approved the Ministry of Railways’ modified PC-1 for the upgradation of Pakistan Railways’ existing Main Line-1 (ML-1) project at the total cost of US$9,851.079 million subject to the recommendation of cost, technical details, and preferably an equity participation financial model.
The Main Line-1 (ML-1) starts 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.
The project envisages the construction of 48 MW Hydro Power Project located on the lower part of the Baral river which is the right bank tributary of the Neelum River near Kel town village Shounter in Neelum Valley.