ML-1 | Pakistan

ISLAMABAD: The government announced on Monday that Pakistan and China had agreed to form a consortium of bilateral and multilateral partners to finance the $7 billion Mainline-1 (ML-1) railway project, along with a four-year action plan (2025-29) for the second phase of the China-Pakistan Economic Corridor (CPEC). 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. He said China had assured financing not only for ML-1 but also for the Karakoram Highway. Negotiations with multiple financiers would be concluded within a month. He added that ML-1 and the Sukkur-Hyderabad Motorway would already have been completed, had it not been for the 2018 political change, alleging that the subsequent PTI gove...