China-Pakistan sign BRI funded railway project deal
China and Pakistan have strengthened their cooperation within the framework of Beijing's Belt and Road Initiative (BRI), with the signing of a significant agreement to advance a long-awaited railway project in Pakistan.
Chinese Premier Li Qiang and his Pakistani counterpart, Anwar-ul-Haq Kakar, engaged in bilateral discussions on the sidelines of the Belt and Road Forum in Beijing. During this meeting, they oversaw the signing of multiple memorandums of understanding and agreements within the scope of the China-Pakistan Economic Corridor (CPEC).
According to a statement from Pakistan after the meeting, the two leaders deliberated on bilateral collaboration within the context of CPEC and explored opportunities for enhancing economic connections.
The China-Pakistan Economic Corridor is a flagship initiative within the Belt and Road Initiative, and it is anticipated to bring in over 65 billion US dollar in Chinese investments. These investments are earmarked for various infrastructure projects, including road networks, railways, energy facilities, and other critical developments aimed at enhancing land and sea trade routes in Pakistan and the surrounding region.
One of the crucial documents inked during the signing ceremony pertains to the Mainline-1 (ML-1) railway project. This substantial project seeks to establish a railway link spanning more than 2,600 kilometers, connecting Pakistan's northwestern city of Peshawar to the southern port city of Karachi. The estimated cost of this ambitious venture is around 7 billion dollar.
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