ISLAMABAD: The Central Asia Regional Economic Cooperation (CAREC) Railway Connectivity Investment Programme has kicked off with the Asian Development Bank (ADB) approving $1 million as technical assistance for the project.

The technical assistance will develop a multi-tranche financing facility (MFF) and tranche projects bankable by the ADB loan, and conduct due diligence for technical, economic, financing, social and environmental viability of the first tranche project and prepare required due diligence documents.

Pakistan’s Ministry of Railways will be the executing agency of the project while project beneficiaries include business community and traders, freight forwarders, transport operators as well as passengers and the local community landed and non-landed in project corridor.

The CAREC railway programme has been designed to improve the railway sector in Pakistan by making the railway transport system more efficient and competitive. The outcome will be improved railway corridor of Lahore-Peshawar and improved institutional efficiency of Pakistan Railways.

The project will result in upgrading of 411km of upgraded and dualised railway track for the Lahore-Peshawar section together with new signaling and telecommunications system and upgraded passenger facilities at Lahore, Rawalpindi and Peshawar. For the past 150 years, railways have played an important role in the social, political, and economic life in Pakistan. For most of that time, railways were the leading mode of transport, in many places the only available mode.

Published in Dawn, August 23rd, 2016

Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

IMF’s firm stance
Updated 05 Feb, 2023

IMF’s firm stance

Pakistan needs to complete the review to stave off a default as well as to unlock inflows from other multilateral and bilateral lenders.
Grotesque bigotry
05 Feb, 2023

Grotesque bigotry

FREEDOM to profess one’s faith is guaranteed by the Constitution of Pakistan. However, for the country’s Ahmadi...
Kashmir reflections
05 Feb, 2023

Kashmir reflections

ASIDE from Kashmir Day, which the nation is observing today as an official holiday, there are a number of other days...
Crisis conference
Updated 04 Feb, 2023

Crisis conference

PTI's refusal to engage with the govt in such testing times will only be seen as sign of ideological bankruptcy.
Revenge politics
04 Feb, 2023

Revenge politics

A SENSE of déjà-vu prevails as cases pile up against PTI politicians, many of whom, along with their allies and...
Inappropriate remarks
04 Feb, 2023

Inappropriate remarks

OFFICIALS of the state, especially when representing the country at international forums, need to choose their words...