| Hyderabad: The Pakistani Government has renewed its request for a USD 1 billion loan from China to develop the Karachi-Hyderabad rail section of the Mainline-I (ML-I) project under the China-Pakistan Economic Corridor (CPEC). The news has been sourced from a November 8 article.
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Pursuant to the details, this pilot phase, valued at USD 1.1 billion, is seen as a crucial step in Pakistan’s broader infrastructure ambitions, but security and financial challenges have delayed progress for seven years.
China has proposed adjustments to Pakistan’s original financing terms, suggesting a shorter repayment period and a lower financing share, which are still under negotiation.
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Meanwhile, Pakistan has pledged enhanced security for Chinese personnel working on the project. A revised plan has reduced the project’s overall budget from USD 10 billion to USD 6.67 billion, with Pakistan hoping an agreement will allow the bidding process to proceed. |
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