Chinese bank to review USD 6 bn loan for Pakistan s ML-1 railway project ANI | Updated: Apr 24, 2021 07:31 IST The latest on the USD 6.8 billion ML-1 project is that a finance committee comprising Chinese officials has sent the case related to USD 6 billion loan approval of the project to Exim Bank, Dawn quoted Pakistan Railways Federal Secretary/Railway Board Chairman Dr Habibur Rehman Gillani, as saying.
It further stated that the construction of the ML-1 project in three phases had been approved by Pakistan s Executive Committee of National Economic Council (ECNEC) in its meeting held in August last year. The actual cost of the project was initially USD 9 billion, including the equity amount of the government of Pakistan. But later, it was reduced gradually to USD 6.8 billion.
ANI | Updated: Feb 21, 2021 03:28 IST
Islamabad [Pakistan], February 21 (ANI): Pakistan Federal Minister for Railways Muhammad Azam Khan Swati said Pakistan Railways had suffered Rs1.2 trillion losses during the past 50 years and the government plans to revive the collapsing organisation but did not elaborate how. The company has incurred 90 per cent of these losses in the last two decades alone, Dawn quoted Swati as saying.
Azam Swati, who recently got the Railways portfolio, also said, The average loss is between Rs35 and 40 billion a year, adding that the government planned to revive the collapsing organisation sooner than later. But how? He didn t elaborate.