Islamabad (February 19, 2018): The Manila-based Asian Development Bank (ADB) showed interest in mutual cooperation with Pakistan Railways (PR) to modernise its infrastructure, rolling stock and human resource management.
A meeting was held here of Werber E. Liepopach, DG Central and West Asia Department (ADB) and Chairperson Ministry of Railways Parveen Agha, according to a news release issued.
The 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 the upgradation of Risalpur locomotive factory, procurement of new locomotives and freight company were also discussed in the meeting. The press statement said that the ADB also showed interest in co-financing.
Werber said that ADB financing 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.
Country Director ADB Pakistan Xiahong Yang and Director General Planning Ministry of Railways Mazhar Ali Shah also attended the meeting.