Pakistan, China to sign loan agreement for CPEC’s ML-1 rail project
ISLAMABAD (PEN) : The terms and conditions for the loan pledged by Beijing for Pakistan Railways’ flagship project, Main Line-1 (ML-1), are pending finalization by the upcoming government in discussions with Chinese authorities. Amir Ali Baloch, CEO of Pakistan Railways, confirmed that aside from this, all other aspects of the project are settled, including an addendum to the China-Pakistan Economic Corridor (CPEC) framework agreement, which reduced the project’s cost to $6.678 billion. The project, now titled “Rationalised Upgradation of ML-1 at 140/120km per hour,” aims to upgrade the rail network between Karachi and Peshawar in phases, with speeds up to 140km per hour initially. Furthermore, Pakistan Railways’ modernization efforts include extending its state-of-the-art restaurant on-wheel project to three express trains in the coming months.