ISLAMABAD: The Executive Committee of the National Economic Council (ECNEC) has approved ML-1 railway line, Karachi’s Red Line BRT, US-Pakistan Knowledge Corridor and other projects worth billions, ARY News reported on Wednesday.
The mega projects worth billions have been approved by the Executive Committee of the National Economic Council (ECNEC) during a session chaired by the Adviser to Prime Minister on Finance Abdul Hafeez Shaikh today.
A declaration stated that $6.806 billion worth ML-1 project has been approved by the national economic council in order to upgrade 2,655 kilometres long railway track in three packages. The project will increase the speed limit of the passenger and freight trains up to 160 km and 120 km respectively besides hiking the number of passenger trains from 34 to 137 and 171 in the last phase.
It is decided to constitute a project steering committee to review the executive of ML-1 mega project.
Moreover, the council approved the initiation of a single-window project worth Rs11.7 billion. The project of the Federal Board of Revenue (FBR) will be completed by 2023 for improving the cross-border trade system and mechanism.
A central hub for automated registration will be established under the single-window project which would also create ease for the management of trade licences, permission letters and paperless processing. Furthermore, the project will also improve Pakistan’s ranking in cross-border trade.
The participants of ECNEC approved the modification in construction expenditures of Red Line Bus Rapid Transport (BRT) project in Karachi which would now complete with the cost of Rs78.38 billion.
The declaration also stated that the economic council okayed the initiation of work on the first phase of US-Pakistan Knowledge Corridor project that will be completed with the estimated cost of Rs25.22 billion for awarding scholarships to 1,000 PhD students.
