ISLAMABAD: Pakistan and China have agreed to form a consortium of bilateral and multilateral partners to finance a USD 7 billion railway project, along with a four-year action plan (2025-29) for the second phase of the CPEC initiative.
Pakistan and China recently launched the second phase of the controversial China-Pakistan Economic Corridor (CPEC) project.
Speaking at a news conference, Planning and Development Minister Ahsan Iqbal said that during Prime Minister Shehbaz Sharif’s recent visit to China, the two sides had agreed to constitute a consortium of financiers, including the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), China and Pakistan, for the 1,700-km Karachi-Peshawar railway line, The Dawn newspaper reported on Tuesday.
He said China had assured financing not only for the rail project but also for the Karakoram Highway.
Negotiations with multiple financiers would be concluded within a month, Iqbal said.
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