The Executive Committee of the National Economic Council (ECNEC) on Wednesday approved the Pakistan Railways project to modernize the existing mainline (ML-1) and build a dry port at Havelian.
According to a press release from the Treasury Department (MoF), the project was approved for a rationalized cost of $ 6806.783 million based on shared costs between the governments of China and Pakistan.
The ECNEC meeting was organized by the Prime Minister of Finance and tax adviser Dr. Abdul Hafeez Shaikh, head of the cabinet department.
The implementation of the project would be completed in three packages to avoid commitment costs. The loan amount for each package is listed separately.
As part of the project, the existing 2655 kilometers (km) route will be expanded, while the passenger train speed will be increased from 110 km / h to 165 km / h and the route capacity from 34 to 171 trains per hour. Route and day.
The Ministry of Railways would form a project management committee for effective monitoring and implementation of the project, the statement said.
The committee also approved the Pakistan Single Window (PSW) project, with the Federal Board of Revenue (FBR) as the sponsoring body for the project.
The total cost of the project was estimated at Rs 11,074.16 million. Includes Rs 9,020 million. Currency component (FEC).
The project is expected to be completed in June 2023 and will improve Pakistan's global ranking of cross-border trade-related indicators.
It will also serve as an integration point between freight and logistics systems and other trade related processes.
The project would provide an automated central hub for one-time import and processing of 90 percent of the licenses, permits, certificates and other documents required for foreign trade.
ECNEC also approved a change in cost-sharing rates for the Asian Development Bank (ADB) and its co-financing partners for the construction of the BRT Red Line project in Karachi for a total amount of Rs 78,384.33 million, including an FEC of Rs 66.3788 , 33 million.
The project was approved by ECNEC on August 29, 2019 and would use biomass-based livestock as fuel technology.
ECNEC also approved a PhD grant program within the US-Pakistan Knowledge Corridor (Phase 1) at a revised price of Rs 25,226.274 million, including an FEC of R30,303,543 million.
In the revised PC-1, the scope of the project was limited to 1,000 scholarships, including 1,500 scholarships previously. The scope was limited mainly due to the strengthening of the US dollar against the Pakistan rupee and the inclusion of grants for education and research.
Earlier on June 12, the federal government had made $ 24 billion available. Rs available for the implementation of 41 ongoing and new projects of the Railway Division under the Public Sector Development Program (PSDP) 2020-21.
According to the program, 12.83 billion. Has reserved for 23 ongoing projects, of which 3.2 billion. Rs would be spent on the purchase and production of 820 high capacity approval capacity and 230 passenger cars.
Meanwhile, the government has made 2.7 billion rupees available for the special repair of 100 diesel electric locomotives to improve their reliability and availability.
Accordingly, an amount of DKK 2.5 billion was reserved. Rs to acquire the land for Gwadar railway corridor and operating area.
The government also withheld DKK 11.16 billion. Rs to 18 new programs, of which 6 billion. Rs would be used to modernize existing projects, including Main Line I and the construction of a dry harbor at Havelian (2018-22). Phase 1 within the China-Pak Economic Corridor (CPEC).
In addition, an amount of DKK 1.5 billion was reserved. Rs for train commissioning on existing Karachi Circular Railway (KCR) alignment while 450 mill. Rs for rehabilitation of a track between Sama Satta-Bahawalnagar at Sama Satta-Amruka were provided in section.
