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.