Prime Minister Shehbaz Sharif on Tuesday ordered authorities to link Rekodiq to Pakistan’s railway network in 2028 to improve future transport and shipping services.
Chairman of a meeting focusing on the upgrading of Pakistan railways and the proposed extension to Recodiq, the Prime Minister also instructed the formation of an inter-ministerial committee to manage financing for the project.
The committee is tasked with presenting recommendations regarding the necessary funds for both the development of the rail network and its extension to Recodiq.
During the meeting, the Prime Minister was informed of the development of ML-1 and ML-3 rail-upgrade projects, which are part of Pakistan Railways’ wider strategy to meet the future needs of both transport and shipping services.
PM Shehbaz emphasized that Pakistan Railways is an important component of the country’s economy and communication systems that describe it as a cheap, fast and environmentally friendly mode of transport.
He emphasized that the connection between the rail network and Revodiq would stimulate Balochistan’s sector for mining and minerals while creating new employment opportunities for the residents.
The meeting attended several senior officials, including Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, Minister of Defense Khawaja Muhammad Asif, Minister of Economic Affairs Ahad Khan Cheema, Minister of Maritime Affairs Affairs Affairs Affairs Fatemi, and the other important official.
This development comes after Finance Minister Muhammad Aurangzeb announced that the World Bank Group had approved a $ 700 million loan for Reko Diq Mining Project, despite strong opposition from India, which tried to block the investment needed to meet the project’s total requirement of $ 3 billion funding.
The World Bank Group approved the concessional package by rejecting Indian objections, Aurangzeb said while talking during a meeting of the Senate Standing Committee for Funding.
Of the total amount, $ 300 million will be delivered by International Finance Corporation (IFC), and $ 400 million will be expanded by the International Development Association (IDA), both part of the World Bank Group. This marks the third case in the last month when India has not blocked lending.
