Multi billion-dollar CPEC ML-I project to start soon
21 October, 2019
The multi billion-dollar Main Line-I (ML-I) project of the China-Pakistan Economic Corridor (CPEC) may soon be back on track as the federal government has finally decided to take around $9 billion loans on its books, which will address a key bottleneck in securing financing for the much-delayed scheme.
The Pakistani authorities have also decided to approve the project as one umbrella scheme instead of granting phase-wise approval, according to the government sources. The Ministry of Railways will now submit the umbrella PC-I document, having an estimated cost of around $9 billion, by October 31 for consideration of the Ministry of Planning, they added.
The status of the ML-I project was also discussed during a meeting between Prime Minister Imran Khan, Chief of Army Staff General Qamar Bajwa, Railways Minister Shaikh Rashid Ahmad and Chinese President Xi Jinping.
The multi billion-dollar Main Line-I (ML-I) project of the China-Pakistan Economic Corridor (CPEC) may soon be back on track as the federal government has finally decided to take around $9 billion loans on its books, which will address a key bottleneck in securing financing for the much-delayed scheme.
The Pakistani authorities have also decided to approve the project as one umbrella scheme instead of granting phase-wise approval, according to the government sources. The Ministry of Railways will now submit the umbrella PC-I document, having an estimated cost of around $9 billion, by October 31 for consideration of the Ministry of Planning, they added.
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