ECNEC approves Rs292 billion funds for KCR project

ISLAMABAD: The Executive Committee of the National Economic Council (ECNEC) has approved Rs292.4 billion funds for the Karachi Circular Railway (KCR) project with a foreign share of Rs263 billion.

ECNEC also considered and approved in principle the Karachi Circular Railway (KCR) Project at the total cost of Rs292.4 billion with the foreign share of Rs. 263.149 billion.

Finance Minister Senator Ishaq Dar chaired the ECNEC session today.

The committee approved Rs292.4 billion funds for the Karachi Circular Railway (KCR) project.

The project envisages the construction of 44-kilometre-long and dedicated track of modern urban Railway in Karachi starting from Drigh road, passing through areas including Gulshan-e-Iqbal, Federal B area, Liaquatabad, North Nazimabad, Nazimabad, SITE, and Liyari, according to the state news agency.

Moreover, the ECNEC approved the Ministry of Railways’ modified PC-1 for the upgradation of Pakistan Railways’ existing Main Line-1 (ML-1) project at the total cost of US$9,851.079 million subject to the recommendation of cost, technical details and preferably an equity participation financial model.

Main Line -1 (ML-1) starts from Karachi, passes through Kotri /Hyderabad, Rohri, Multan, Lahore and Rawalpindi and terminates at Peshawar.

In another decision, the ECNEC also discussed and approved the establishment of 48 MW Shounter Hydropower Project in district Neelum, AJK subject to revision of cost based on the exchange rate of dollars at Rs220.

The project envisages the construction of 48 MW Hydro Power Project located on the lower part of the Baral river which is the right bank tributary of Neelum River near Kel town village Shounter in Neelum Valley.