Federal Minister for Planning, Development, Special Initiatives Asad Umar said on Saturday that the Executive Committee of the National Economic Council (ECNEC) will approve the transaction structure for the development and operation of the Karachi Circular Railway (KCR) project in its next meeting to be held in February.
Addressing a ceremony regarding the restoration of Karachi’s Cooperative Market where hundreds of shops were gutted, the federal minister announced that construction work on the transaction structure of KCR would start from next month after ECNEC approval.
The Public-Private Partnership Authority (P3A) on Tuesday had approved a project proposal regarding the new Karachi Circular Railway (KCR).
Taking to Twitter, Planning and Development Minister Asad Umar had said that he chaired a P3A board meeting which approved the project proposal and transaction structure of the modern KCR project.
“It will be a 43km track, with 30 stations and ridership expected to exceed 4 lacs daily. This will transform the karachi transport situation,” he said.
While addressing today’s gathering, the federal minister went on to say that the Centre has also taken the responsibility for completing the K-IV project. “We will be completing the Rs120 billion K-IV Bulk Water Supply project before 2023 end, supplying additional 260 mgd water to the city,” he said.
