https://sputniknews.in/20240123/russia-uae-to-invest-1-billion-in-modernization-of-pakistan-railways-report--6311827.html
Russia, UAE to Invest $1 Billion in Modernization of Pakistan Railways: Report
Russia, UAE to Invest $1 Billion in Modernization of Pakistan Railways: Report
Sputnik India
The proposed investment of funds from Russia and the UAE to modernize Pakistan Railways will certainly help Pakistan besides giving desired push to developmental activities in various sectors.
2024-01-23T19:22+0530
2024-01-23T19:22+0530
2024-01-23T19:22+0530
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Pakistan is all set to receive an investment of $1 billion from Russia and the United Arab Emirates (UAE) to upgrade its railway sector, Pakistani newspaper The Express Tribune reported on Tuesday.According to the report, both nations had expressed interest in modernizing the railway infrastructure in Pakistan.The agreement was supposedly reached during the visit of the minister and secretary of the Ministry of Railways of Pakistan to Russia on December 8, 2023.The two sides are now working to sign a G2G framework agreement, they added.Pakistan Railways, which was profitable in freight operations in the past, was badly affected by rising costs, misappropriation of funds and the floods in the recent years.The department suffered huge losses of over $661 million in the financial year of 2022-23, media reports say, citing an audit report by the Auditor General of Pakistan.
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balochistan province, misappropriation of funds and the floods, pakistan railways, russia, uae
balochistan province, misappropriation of funds and the floods, pakistan railways, russia, uae
Russia, UAE to Invest $1 Billion in Modernization of Pakistan Railways: Report
The proposed investment of funds from Russia and the UAE to modernize Pakistan Railways will certainly help Pakistan besides giving desired push to developmental activities in various sectors.
Pakistan is all set to receive an investment of $1 billion from Russia and the United Arab Emirates (UAE) to upgrade its railway sector, Pakistani newspaper The Express Tribune reported on Tuesday.
According to the report, both nations had expressed interest in
modernizing the railway infrastructure in Pakistan
.Speaking about figures: Russia reportedly vowed to invest between $550 million and $660 million to upgrade the Quetta-Taftan railway line in Balochistan province, the newspapaer said, citing a source with knowledge on the matter.
The agreement was supposedly reached during the visit of the minister and secretary of the Ministry of Railways of Pakistan to Russia on December 8, 2023.The two sides are now working to sign a G2G framework agreement, they added.
The UAE, as a strategic investment partner of Pakistan, is considering an investment of $350-400 million to build a dedicated freight corridor and multimodal logistics hub at Pipri.
Pakistan Railways, which was profitable in freight operations in the past, was badly affected by rising costs, misappropriation of funds and the floods in the recent years.
The department suffered huge losses of over $661 million in the financial year of 2022-23, media reports say, citing an audit report by the Auditor General of Pakistan.
