Ecnec Approves $6.7 Billion ML-I Project and $123.2 Billion Flood Response Housing Project
Headed by Deputy Prime Minister and Foreign Minister Ishaq Dar, the Executive Committee of the National Economic Council (Ecnec) approved the completion of the $6.7 billion project in two phases.
The committee sanctioned the first phase from Karachi to Multan for $3.32 billion, although the Chinese have so far agreed to fund $1.1 billion worth of the Karachi-Hyderabad section.
On Saturday, the prime minister instructed that the ML-I project should be split into two phases and presented before Ecnec for approval.
Phase-I is 929km long from Karachi to Multan costing $3.32 billion
Phase II of the project is 797km long from Multan to Peshawar, which will cost $3.36 billion but it will be taken up after the confirmation of financing – either from CPEC or other sources.
Separately, Ecnec also approved the flood response emergency housing project for Rs123.2 billion. The Asian Development Bank (ADB) and the government will fund the project. The ADB will provide a $400 million loan.
The project is aimed at supporting the flood-stricken people in all districts of Sindh for the reconstruction and repair of their houses. It will support the reconstruction of more than 250,000 multi-hazard resilient houses.
Ecnec approved four water-sector projects including the government of Punjab’s project for the construction of Dadhocha Dam. The project will help bridge water deficiency in Rawalpindi through the supply of 35 MGD of water.
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