Pakistan, China to Sign New Agreement to Revive Karachi-Peshawar Railway (ML-1) Project

The financial matters of the Karachi-Peshawar Railway Upgradation Project (ML-1) under the China-Pakistan Economic Corridor (CPEC) are expected to be settled during Prime Minister Shehbaz Sharif’s five-day visit to China this week, top sources revealed to ProPakistani. A new financing agreement for the ML-1 project is set to be finalized. Both Pakistan and China will sign the agreement to resolve the financial issues facing the mega infrastructural project, sources said. China is likely to provide 85 percent of the funding for the ML-1 project, while Pakistan will contribute the remaining 15 percent from its own resources. Sources added that the project, which aims to upgrade the main railway line from Karachi to Peshawar, is expected to be completed within 8 years. Prime Minister Shehbaz Sharif on Tuesday left for China on a five-day official visit, with bilateral trade, economic relations, and B2B investments on the agenda. This is his first official visit to Beijing since assuming office in March. Shehbaz is set to meet President Xi Jinping and Premier Li Qiang among other top members of the Chinese government during his visit.