US EditionADB to back Pakistan rail upgrade as China financing stalls, sources say
- On Friday, the Asian Development Bank revealed plans to provide $2 billion in funding to modernize a 500-kilometer section of the railway running between Karachi and Rohri in southern Pakistan.
- The upgrade replaces stalled Chinese financing under a $60 billion Belt and Road Initiative announced in 2015 amid Pakistan's debt difficulties with Beijing.
- The modernization will improve tracks and bridges, allowing faster diesel trains and connecting Rohri to a branch carrying copper concentrate from the Reko Diq mine.
- Earlier this week, the Asian Development Bank committed $410 million to support the Reko Diq mining project, while project director Tim Cribb mentioned that the government and Barrick are collaborating to obtain additional funds for upgrading the rail line to Rohri.
- The upgrade aims to address urgent transport needs for the mine in insurgency-hit Balochistan, signalling closer ADB involvement while Pakistan maintains strategic ties with China.
15 Articles
15 Articles
ADB approves $800m for fiscal sustainability
ISLAMABAD: The Asian Development Bank (ADB) announced on Friday that it has approved a substantial $800 million loan and guarantee programme for Pakistan, aimed at strengthening the country’s fiscal sustainability and improving public financial management. The Improved Resource Mobilisation and Utilisation Reform Programme, Subprogramme 2, includes a policy-based loan of $300m and ADB’s first-ever policy-based guarantee of up to $500m. The guara…
Exclusive: ADB to back Pakistan rail upgrade as China financing stalls, sources say
The Asian Development Bank will fund upgrades to part of Pakistan's creaking railway system, replacing China, after prolonged delays in securing financing from Beijing threatened to put a strain on a strategic mining project, two sources said on Friday.
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