Islamabad: The Pakistani government is fast-tracking the finalization of the financing agreement for the Mainline-1 (ML-1) railway project, a major infrastructure development that will connect Karachi to Peshawar. The project, valued at approximately $6.8 billion, is a key component of the China-Pakistan Economic Corridor (CPEC) and is expected to be implemented in phases.

According to Zameen.Com, the announcement comes as Pakistan prepares for Chinese Premier Li Qiang’s upcoming visit to the Shanghai Cooperation Organisation (SCO) summit on October 14-15. The first phase of the ML-1 project will cover the stretch from Karachi to Multan, with the second phase extending from Multan to Peshawar.

During a recent CPEC meeting, Planning Minister Ahsan Iqbal urged the ministries of railways and finance to expedite the finalization of financing terms with China to ensure the announcement of CPEC’s second phase at the summit. He also called on government departments to resolve outstanding issues and finalize key memorandums of understanding (MoUs) in time for the Chinese Premier’s visit.