China to Fund Pakistan’s Railway Project

Pakistan has refused part financing from the Asian Development Bank (ADB) for its Karachi-Peshawar rail line following China’s interest in “single-handedly funding the project”.

[quote font_size=”16″ arrow=”yes”]“China strongly argued that two-sourced financing would create problems and the project would suffer,” [/quote]Pakistan’s Minister for Planning and Development Ahsan Iqbal was on Friday quoted by Dawn news as saying.
The minister said the entire financing of the $8 billion project — originally planned to be partly funded by the Manila-based ADB — would come from China, the report said.
Pakistan and China are expected to sign a formal agreement in this regard next month.
The ADB had to provide $3.5 billion for the 1,700-km Karachi-Peshawar line, considered the backbone of the country’s logistics and is one of the four main railway lines in Pakistan.