ISLAMABAD - Railways Ministry has finalized its $ 360 billion Karachi Circular Railways project file work, clearing all the reservations of JICA (Japan International Cooperation Agency) over the issue. Reliable sources of PR have informed ONLINE, that Railways Ministry has asked Foreign Ministry to facilitate the visit of Japanese experts in this regard. JICA has reportedly agreed to provide Pakistan with 0.2% loan for the project, which would entail 60% shares of PR, 25% shares of Sindh Provincial government, and 15% of City District Government.
Karachi Urban Transport (KUT) Corporation has been registered in SECP (Security Exchange Commission of Pakistan) to oversee the project in Pakistan’s Karachi, according to which 50 kilometer long intra-City tracks would be laid to operate 246 trains facilitating 700,000 commuters , making 3-minute stops at 23 stations. The proposed route would originate from Neepa station of Gulshan-e-Iqbal, traversing North Nazimabad, Lyari, Kala Pull’s Mehran Station, PAF Museum on Sharaih-e-Faisal and back to Neepa Station.
Sources have also informed ONLINE, that the approximately 4-year project would make its regular debut during current year’s November or December, entailing an initial estimated expenditure of Rs one billion.