ISLAMABAD, Pakistan: The Federal Minister for Finance and Revenue Shaukat Tarin presided over the meeting of the Executive Committee of the National Economic Council (ECNEC) in Islamabad on Thursday.
The ECNEC considered and approved a summary presented by the Planning Commission regarding the construction of infrastructure for the elimination of level crossings for the loop section of Karachi Circular Railway (KCR).
The project will be sponsored and executed by the Ministry of Railways, Government of Pakistan & and will be located in Karachi.
The project envisages the construction of flyovers/underpasses along the route of KCR for the elimination of 22-level crossings.
The rationalized cost of the project is Rs 20,715.368 million on a cost-sharing basis.
The project will facilitate the free movement of the KCR train.
ECNEC just approved the Rs. 20.7 billion infrastructure project for karachi circular railway (KCR). PM @ImranKhanPTI will be the chief guest at the ground breaking ceremony for the project in Karachi next week inshallah
— Asad Umar (@Asad_Umar) September 24, 2021
The ECNEC also approved a recommendation put forth by the Planning Commission that CDWP will be authorized to consider the projects where ECNEC gives a decision to approve the project (in question) with the direction of rationalization of cost.
If the rationalization exercise results in a downward revision in cost, such projects will be accorded approval by the CDWP, and a status report shall be submitted for the perusal of the Chairman ECNEC.
In case of upward cost rationalization/revision, the project shall be re-submitted before ECNEC for consideration/approval.
Among others, Federal Minister for Planning Asad Umar, Deputy Chairman Planning, Federal Secretaries, representatives of Provincial governments, and other senior officers participated in the meeting. Federal Minister for Industries and Production Khusro Bakhtiar joined through a video link.