The Executive Committee of the National Economic Council (ECNEC) has approved ML-1 railway line, Karachi’s Red Line BRT, US-Pakistan Knowledge Corridor and other projects worth billions, It is decided to constitute a project steering committee to review the executive of ML-1 mega project.
The mega projects worth billions have been approved by the Executive Committee of the National Economic Council (ECNEC), A declaration stated that $6.806 billion worth ML-1 project has been approved by the national economic council in order to upgrade 2,655 kilometres long railway track in 3 packages.
The project will increase the speed limit of the passenger and freight trains up to 160 km and 120 km respectively besides hiking the number of passenger trains from 34 to 137 and 171 in the last phase, the council further approved the initiation of a single-window project worth Rs.11.7 billion.
The project of the Federal Board of Revenue (FBR) will be completed by 2023 for improving the cross-border trade system and mechanism, A central hub for automated registration will be established under the single-window project which would also create ease for the management of trade licences, permission letters and paperless processing.
The project of the Federal Board of Revenue (FBR) will also improve Pakistan’s ranking in cross-border trade.
The participants of Executive Committee of the National Economic Council approved the modification in construction expenditures of Red Line Bus Rapid Transport (BRT) project in Karachi which would now complete with the cost of Rs78.38 billion.
The declaration also stated that the Executive Committee of the National Economic Council okayed the start of work on the 1st phase of US-Pakistan Knowledge Corridor project that will be completed with the estimated cost of Rs. 25.22 billion for awarding scholarships to 1,000 PhD students.
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