ECNEC Approves $9.8 Billion PC-I for ML-1 Project

The Executive Committee of the National Economic Council (ECNEC) on Monday approved in principle the modified PC-I for the up-gradation of Pakistan Railways’ existing Main Line-1 (ML-1) project at a cost of $9,851 million. Federal Minister for Finance and Revenue Ishaq Dar chaired the meeting of the Executive Committee of the National Economic Council (ECNEC). The committee considered and approved in principle the modified PC-I presented by the Ministry of Railways for the up-gradation of existing Main Line-1 (ML-1) project at a total cost of $9,851 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, passes through Kotri/Hyderabad, Rohri, Multan, Lahore, and Rawalpindi, and terminates at Peshawar. ECNEC also considered and approved in principle the Karachi Circular Railway (KCR) Project at a total cost of Rs. 292,388 million with a foreign share of Rs. 263,149 million. The committee also discussed and approved in principle the establishment of the 48 MW Shounter Hydropower Project in district Neelum, AJK subject to revision of cost based on the exchange rate of dollar @ Rs. 220. The project envisages the construction of a 48 MW Hydro Power Project located on the lower part of Baral River which is the right bank tributary of the Neelum River. Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, Federal Minister for Commerce Syed Naveed Qamar, Planning & Development Minister of Baluchistan Noor Muhammad Dummar, Federal Secretaries, Federal Board of Revenue (FBR) Chairman and other senior officers participated in the meeting.