Pakistan, China agree to form consortium to finance USD 7 billion railway project under CPEC

ISLAMABAD: Pakistan and China have agreed to form a consortium of bilateral and multilateral partners to finance a USD 7 billion railway project, along with a four-year action plan (2025-29) for the second phase of the CPEC initiative.The plan includes aligning the Belt and Road Initiative (BRI) with Pakistan’s 5Es Framework, implementing both large-scale landmark projects and “small and beautiful” livelihood projects, while ensuring both high-quality development and robust security, The Dawn reported.

India opposes the CPEC, which will link Xinjiang in China and the Gwadar port in Pakistan’s Balochistan, as it passes through Pakistan-occupied Kashmir (PoK).

The CPEC is the flagship project of China’s ambitious multi-billion-dollar Belt and Road Initiative 

Pakistan and China recently launched the second phase of the controversial China-Pakistan Economic Corridor (CPEC) project.Bank (ADB), Asian Infrastructure Investment Bank (AIIB), China and Pakistan, for the 1,700-km Karachi-Peshawar railway line, The Dawn newspaper reported on Tuesday.

He said China had assured financing not only for the rail project but also for the Karakoram Highway.

Negotiations with multiple financiers would be concluded within a month, Iqbal said.

Speaking at a news conference, Planning and Development Minister Ahsan Iqbal said that during Prime Minister Shehbaz Sharif’s recent visit to China, the two sides had agreed to constitute a consortium of financiers, including the Asian Developm