Pakistan and China to Sign MOU to Revive Long-Stalled Karachi-Peshawar Railway Project (ML-1)
According to high-level sources, the financial aspects of the Karachi-Peshawar Railway Upgradation Project (ML-1), a key component of the China-Pakistan Economic Corridor (CPEC), are expected to be resolved during Prime Minister Shehbaz Sharif’s five-day visit to China.
A new financing agreement is anticipated to be finalized, addressing the project’s financial challenges. The agreement will be signed by both Pakistan and China, with China providing 85% of the funding and Pakistan contributing 15% from its own resources.
The project, aimed at upgrading the main railway line from Karachi to Peshawar, is expected to be completed within eight years. During his visit, Prime Minister Shehbaz Sharif will meet with top Chinese officials, including President Xi Jinping and Premier Li Qiang, to discuss bilateral trade, economic relations, and business-to-business investments.
This marks his first official visit to Beijing since taking office in March. The visit is significant, as it aims to strengthen economic ties between the two nations and resolve outstanding issues related to the ML-1 project.
