Islamabad April 28 (IANS) Pakistan has refused part financing from the Asian Development Bank (ADB) for its Karachi-Peshawar rail line following China s interest in single-handedly funding the project.
China strongly argued that two-sourced financing would create problems and the project would suffer Pakistan s Minister for Planning and Development Ahsan Iqbal was on Friday quoted by Dawn news as saying.
The minister said the entire financing of the $8 billion project -- originally planned to be partly funded by the Manila-based ADB -- would come from China the report said.
Pakistan and China are expected to sign a formal agreement in this regard next month.
The ADB had to provide $3.5 billion for the 1 700-km Karachi-Peshawar line considered the backbone of the country s logistics and is one of the four main railway lines in Pakistan.
--IANS
akansha-ruwa/soni/mr
China to solely fund Pakistan s railway project
