Financing committee for ML-I project to be constituted: Khusro

ISLAMABAD, Nov 1 (APP):Minister for Planning, Development and Reforms Makhdoom Khusro Bakhtiar
Friday said financing committee for Main Line – I (ML-I) project would be constituted during the 9th meeting of Joint Cooperation Committee (JCC) scheduled to be held on November 6,between Pakistan and China.

Addressing a press conference here, he said the financing committee would initiate negotiation for the financing of this multi-billion dollar project that would put the railway system on modern lines and open new vistas of economic development and social prosperity in the country.

China National Development and Reform Commission (NDRC) Chairman would arrive here on November 4, and inaugurate 300 MW power station at Gwadar Port and also finalize the master plan for the port city, he added.

The minister also briefed the media persons about the agenda of upcoming 9th JCC meeting.

He said China Pakistan Economic Corridor (CPEC) was main pillar of Pakistan’s economic structure and the government had taken the project to the new heights of development and prosperity.

He said ML-I project worth $8 to 9 billion was the most important project under CPEC that would revolutionize the whole railways infrastructure and enhance the volume of Gross Domestic Product (GDP).
The minister said during the JCC meeting progress would be made on the financing of ML-I project that would help in the development of coastal areas of the country.

Besides, he said the JCC would discuss the financing of western corridor, efforts would be made to complete Quetta-Zhob link within three years, he added.

While rejecting the impression given by the opposition parties that the scope and progress of CPEC was at snail’s space, Khusro Bakhtiar said the government had increased the volume of projects manifold for the development and progress of the country.

The minister said many important and mega projects were scheduled to be discussed in the meeting, particularly, he mentioned the railway revamping project under which the old system would be replaced by new and modern railway system to ensure fast-tract development.

He said the progress and development of Pakistan was directly linked to ports and coastal belts, hence special focus was being given to the development of these areas.

The minister said the meeting would also finalize the dates for inaugurating various special economic zones that would help bring into investment from China and other countries of the world.

He said the JCC would also discuss the revival plan of Pakistan Steel Mills as the country was importing about 60% of its local requirements of steel, besides discussing the cooperation in other sectors of the economy including oil, gas, mineral development, housing and tourism cooperation.

The minister said projects relating to agriculture cooperation and provincial development including Karachi Circular Railway would also be discussed in the meeting, adding significant progress on these projects were also expected.

He said Chashma Right-Bank, Tonsa Hydro Power and several other projects in Balochistan, Azad Jammu and Kashmir, Gilgit Baltistan would be discussed om priority.

In JCC meeting, a significant progress was expected on private sector cooperation in industrial development as the business forums of both the countries were formed in that regard.

Minister for Railways, Sheikh Rashid Ahmad, Federal Minister for Power, Omar Ayub, Special Assistant to Prime Minister on Information and Broadcasting, Dr Firdous Ashiq Awan and Assistant to Prime Minister on Energy, Nadeem Babar were also present on the occasion.