The ECNEC (Executive Committee of the National Economic Council) has approved Karachi Circular Railway as a modern urban railway under the Public-Private Partnership model worth Rs.201.5 billion.
The meeting of ECNEC was held with the Federal Minister for Finance and Revenue – Shaukat Tarin.
The Ministry of Planning Development and Special Initiatives proposed an overview of the growth, operation, and maintenance of the Karachi Circular Railway as a stylish metropolitan railway.
The project envisages the construction of a 43.225 km dual-track urban mass transit scheme to be constructed in 3 years. The KCRMC (Karachi Circular Railways Management Company) will be answerable to maintain management associated with the implementation, operation, and maintenance of the project.
The ENEC approved the project after a precise meeting, while a committee was also formed by the finance minister to study the transaction structure linked to federal government VGF contribution.
Meanwhile, the Ministry of Planning, Development and Special Initiatives also presented an overview of revised standardized pay packages for the staff immediately compelled under development projects.