CPEC: ECNEC to soon approve transaction structure for KCR, says Planning Minister

Karachi: Federal Minister for Planning, Development and Special Initiatives Asad Umar has said that the Executive Committee of the National Economic Council (ECNEC) will approve the transaction structure for the development and operation of China-Pakistan Economic Corridor (CPEC)’s Karachi Circular Railway (KCR) project in its next meeting to be held in February.

Addressing a ceremony regarding the restoration of Karachi’s Cooperative Market where hundreds of shops were gutted, the federal minister announced that construction work on the transaction structure of KCR would start from next month after ECNEC approval.

The Public-Private Partnership Authority (P3A) had on Tuesday (January 25) approved a project proposal regarding the new KCR.

Asad Umar had then announced that he chaired a P3A board meeting which approved the project proposal and transaction structure of the modern KCR project.

“It will be a 43km track, with 30 stations and ridership expected to exceed 4 lacs daily. This will transform the karachi transport situation,” he added.

While addressing the Saturdaygathering, the federal minister went on to say that the federal government had also taken the responsibility for completing the K-IV project.

“We will be completing the Rs120 billion K-IV Bulk Water Supply project before 2023 end, supplying additional 260 mgd water to the city,” he maintained.

Speaking on the occasion, Governor of Sindh, Imran Ismail said that the federal government has initiated various projects in Karachi like Green Line Bus (GLB) to facilities the common citizens and the construction work on its Phase-II track would be completed by next six months.

Suggesting the traders, Imran Ismail reiterated “I know you need money to run the businesses and Kamyab Jawan Programme is the better option for you to avail the loans at very low mark up”.

He further asked them to apply for the loans and if you face any difficulty in getting these loans, the government representatives would extend all kinds of support to you because “you are eligible as you are running the business.”