ISLAMABAD: Islamic Development Bank (IDB) is likely to invest 264 million dollar for procurement of Locomotives and doubling of Track.
Government of Japan through Japan International Cooperation Agency (JICA) has also shown interest to revitalization of Karachi Circular Railway (KCR) at an estimated cost of 2.6 billion dollar.
Pakistan and China had also signed an MoU for construction of China Pakistan Economic Corridor (CPEC), said an official of PR while talking to APP.
Up-gradation of existing railway track from Karachi to Peshawar via Rohri, Multan, Sahiwal, Lahore, Rawalpindi would be part of MoU.
Under the agreement, development of Dry Port and Cargo handling facilities at Havelian would be made operational.
The whole investment will be dealt as a soft loan on mutually agreed terms and conditions and contracts will be awarded through open bidding in accordance with Public Procurement Rules.
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