KARACHI: On Tuesday, the Karachi Circular Railway’s (KCR) transaction structure was approved along with its construction and operation proposal. The project, estimated to cost Rs220 billion, has been approved on public-private basis.
The Public-Private Partnership Authority (P3A) approved the transaction structure, under which they will operate and finance the project. Planning and Development Minister Asad Umar presided over the P3A board meeting.
According to Umar, the project is an integral part of the Karachi Transformation Plan (KTP) and will facilitate the public through reliable and affordable service. He added that the Karachi-Pipri Freight Corridor Project was also an important project to ease conditions in Karachi port and its appraisal process would be completed soon.
The KCR will now go through the National Economic Council’s Executive Committee for ratification, after which it would be launched in the market.