F.P. Report
ISLAMABAD: The 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 Mr. Werber E.Liepopach, DG Central and West Asia Department, ADB with Mrs. Parveen Agha, Chairperson, Ministry of Railways on Monday.
ADB views that despite recent developments, the railway sector needs to exalt its infrastructure to provide more inexpensive transport services and recover the market share lost to roads.
Up gradation of Risalpur Locomotive Factory; procurement of new locomotives and Freight Company was also discussed. ADB showed interest in co-financing. Mr. Werber clarified that ADB finance will be the seed money to bring in the commercial financing. This co financing will be done through public private partnership. ADB will play an active role in identifying and arranging commercial co financing for Pakistan Railways’ projects.
Ms. Xiahong Yang, Country Director, ADB Pakistan and Mr. Mazhar Ali Shah, DG Planning, Ministry of Railways also attended the meeting.
