China will fully fund the USD 8 billion Karachi-Peshawar Railway Line in Pakistan to ensure the smooth completion of the key project. Pakistan and China are expected to sign a formal agreement in this regard in May.
The project was originally planned to be partly funded by the Asian Development Bank (ADB). Under the original plan, the ADB had to provide USD 3.5bn for the 1,700-km-long line. “China strongly argued that two-sourced financing would create problems and the project would suffer,” Pakistan Minister for Planning and Development Ahsan Iqbal said. The Chinese government therefore wanted the project financing to be kept single-sourced.
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