A sum of $ 2.4 billion would be spent for introducing new transport, light rail system in Lahore in collaboration with private sector in order to ensure latest facilities for people, Member Infrastructure Planning Commission of Pakistan Dr Asad Shah said Sunday.
Talking to Private TV channel, he said,$ 1.4 billion would be raised by private sector while $ 1 billion would be generated by public sector.
In addition, he said, the World Bank is providing a loan of $ 250 million for improving infrastructure of five big cities including Lahore, Faisalabad and Gujranwala.
Asian Development Bank would provide more than $ 800 million to improve basic infrastructure particularly transport,sanitation, water and other related facilities in Karachi.
He said as many as $ 9 billion would be spent within a period of next four years to improve country’s connectivity with rest of the world, especially to Central Asian States and China.
The target of improving National Trade Corridor (NTC) is to improve major highways, railways, ports, etc. Focus is to increase country’s trade by around $ 300 billion.
Out of $ 9 billion, $5 billion would be spent to improve country’s highways. And $1.5 billion has been allocated to modernise Pakistan Railways and expanding its tracks up to Afghanistan. While rest would be spent on improving ports, airports and providing other facilities to improve bilateral trade.
To meet trade targets, trade zones would be established along with motorways. Cost of doing business would be reduced significantly aimed at making Pakistani products competitive in the world.
He said, National Highways Authority is spending from Rs 30 to 35 million per annum to improve its network.Bridges are being built to reduce Peshawar-Karachi journey by half from 72 hours to 36 hours.
Fast trains would be run aiming to reduce journey from South to North in 28 hours. The share of Railways in freight would be enhanced to 30 percent of total freight from current 5 percent within a next couple of years, he said.