Pakistan’s Executive Committee of the National Economic Council (ECNEC) yesterday approved upgrading Pakistan Railways’ existing Mainline-1 (ML-1) and establishment of a dry port near Havelian at a rationalized cost of $6.8 billion on a cost-sharing basis between the governments of China and Pakistan, Pakistani media reported. “The execution of the project shall be in three packages and in order to avoid commitment charges, the loan amount for each package will be separately contracted,” the council said.
This is the costliest project to date as part of the multibillion-dollar China-Pakistan Economic Corridor (CPEC) agreement. CPEC has seen Beijing pledge over $60 billion for infrastructure projects in Pakistan, central to China’s wider Belt and Road Initiative.
