During Prime Minister Shehbaz Sharif’s five-day visit to China this week, it is anticipated that the financial aspects of the Karachi-Peshawar Railway Upgradation Project (ML-1) under the China-Pakistan Economic Corridor (CPEC) will be resolved. A new financing agreement for the ML-1 project is expected to be finalized, with both Pakistan and China signing the agreement to address the financial challenges confronting this significant infrastructure initiative, according to sources.
China is expected to provide 85 percent of the funding for the ML-1 project, while Pakistan will contribute the remaining 15 percent from its own resources.
Sources further disclosed that the project, which aims to modernize the primary railway line from Karachi to Peshawar, is slated for completion within an eight-year timeframe.
Prime Minister Shehbaz Sharif embarked on his five-day official visit to China on Tuesday, with bilateral trade, economic relations, and business-to-business investments topping the agenda. This visit marks his first official trip to Beijing since assuming office in March.
During his visit, Shehbaz is scheduled to hold meetings with President Xi Jinping, Premier Li Qiang, and other senior members of the Chinese government.
