Islamabad, Aug 30: The federal cabinet took a significant vote on Friday, approving the finance agreement between China and Pakistan Railways for the Karachi-Peshawar Railway Upgradation Project (ML-1) as part of the China-Pakistan Economic Corridor (CPEC).
According to sources, the government will now carry out the ML-1 project’s initial phase.
Additionally, the cabinet authorized a change to the 1973 Rules of Business, officially declaring the Pakistan Public Works Department (Pak PWD) closed and confirming its dormant status.
Further information regarding the railway financing project is still pending, but according to a June 2024, China is expected to fund 85 percent of the ML-1 project, with Pakistan providing the remaining 15 percent from its own resources.
It is anticipated that the eight-year project, which aims to rebuild the main railway line from Karachi to Peshawar, will be finished.
