Asian Development Bank Extends Cooperation To Modernize Pakistan Railways

Manila based Asian Development Bank (ADB) showed interest in mutual cooperation with Pakistan Railways (PR) to modernize its infrastructure, rolling stock and human resource management

ISLAMABAD, (UrduPoint / Pakistan Point News - 19th Feb, 2018 ) :Manila based Asian Development Bank (ADB) showed interest in mutual cooperation with Pakistan Railways (PR) to modernize its infrastructure, rolling stock and human resource management.

This was discussed during meeting of Werber E .Liepopach, DG Central and West Asia Department, ADB with Chairperson Ministry of Railways Parveen Agha, said a news release issued here on Monday. ADB representative shared that despite recent developments, the railway sector needed to exalt its infrastructure to provide more inexpensive transport services and recover the market share lost to roads.

The projects of Upgradation of Risalpur Locomotive Factory; procurement of new locomotives and Freight Company were also discussed in the meeting. ADB also showed interest in co-financing. Werber explained that ADB finance will be the seed money to bring in the commercial financing.

This co-financing will be done through public private partnership, he added. ADB will play an active role in identifying and arranging commercial co-financing initiatives of Pakistan Railways. Xiahong Yang, Country Director, ADB Pakistan and Director General Planning Mazhar Ali Shah Ministry of Railways also attended the meeting.