Oman’s AAI set to invest US $ 2.3 billion on railway track between CPEC hub Gwadar and Jaccobabad

Islamabad: Anvwar Asian Investments (AAI) of Oman is set to invest US $ 2.3 billion to build a new lengthy railway track between China-Pakistan Economic Corridor (CPEC) hub Gwadar and the Jaccobabad district.

Pakistan’s existing railway infrastructure would be unable to accommodate the increase in traffic forecast when projects are completed under the CPEC programme, part of the massive Belt and Road Initiative (BRI). CPEC aims to provide a rail connection between Gwadar and Xinjiang province in China.

AAI chairman, Dr Anvwar Al-Balushi has assured Pakistan’s Board of Investment (BOI) the group was ready to invest US $ 2.3 billion in the project to build a new 1087 kilometres railway track between Jacobabad and Gwadar, the a port on the Arabian sea that is 70 km from the border with Iran.

The government announced earlier that BOI federal minister Chaudhary Salik Hussain had met with a delegation led by AAI chairman Dr Anvwar Al Balushi, which also included Railway Constructions Pakistan (Railcop) Chief Executive Officer (CEO) Syed Najam Saeed, and Tauseef Zaman, CEO of BIL Pakistan.

The BOI said after the meeting that AAI was ready to provide an immediate tranche of US $ 500 million for the Jacobabad-Gwadar railway, as well as financing and loans for other railway projects in Pakistan.

During a previous visit to Pakistan in January 2022, Al-Balushi had signed a Memorandum of Understanding (MoU) with Railcop and BIL Pakistan for cooperation.