KARACHI, Dec 4: A high-level meeting chaired by Sindh Governor Dr Ishratul Ibad on Monday approved in principle the revival of Karachi Circular Railway.

According to estimates, the project will cost around one billion dollars, which includes Japanese loan of $872 million. The feasibility of the project will be presented by the JETRO and work will start after its approval by the ECNEC and the Planning Commission.

The meeting was attended by Federal Railway Minister Shaikh Rasheed Ahmed, Chief Secretary Fazlur Rehman, Railway Chairman, Karachi Nazim Syed Mustafa Kamal, Principal Secretary Mohammed Saleem Khan, D.S. Railway Mir Mohammed Khaskheli and other officials.

The governor urged the authorities to finalise all phases expeditiously and said implementation of the project must start by the beginning of new year and there should be no further delay now.

He said steps should be taken to complete the project in three years. He said it was also the desire of President Pervez Musharraf to get this project completed at the earliest.

He pointed out that with the revival of Karachi Circular Railway, the urban transport system would witness a revolutionary change and people would have better transport facilities.

The governor said the expertise, experience and resource available with Pakistan Railway would prove a great assistance for completion of the project which would then be transferred to the Karachi Urban Transport Corporation.

It was informed that the constitution of Karachi Urban Transport Corporation had been finalised and its stake holders included the provincial and city governments and Pakistan Railway. The circular railway system would have 22 underpasses and overheads to ensure unhindered service.

The governor called for laying standard railway tracks and having light train for fast movement. He said the circular railway would be linked with the city government’s mass corridor schemes and all bus terminals. He said transport sector in Karachi was a big market for investors having an estimated 12 per cent profit rate which was a good rate.

Dr Ishratul Ibad also had an appraisal from Railway Minister Shaikh Rasheed Ahmed about the operation of Thar Express.

Shaikh Rasheed Ahmed informed him that all efforts were being made while foreign ministry was also striving for the operation of Thar Express.

At Khokhrapar, he said, Pakistan Railway was constructing a modern railway station and it would be the first project of its kind to be completed under the Pakistan Railway.

About the establishment of the National Mass Transit Authority, Shaikh Rasheed Ahmad said Prime Minister had given approval in principle while all required stages had been fulfilled and now only Prime Minister’s signature were awaited where after it would start functioning.—APP