FAISALABAD (March 27 2008): A team of two international specialists will be recruited for preparing the Lahore Rapid Mass Transit System, said official sources. They said that the team would work in co-ordination with all interested parties of the Punjab Government and the major development agencies active in the sector.
The team will assist the Punjab Government to review and comment on due diligence report, financial model, regulatory arrangements, transaction structure, draft agreements, pre-qualification and bidding documents, and evaluation report; and facilitate in negotiating with the bidders.Sources stated that the expected impact of the Project will be the initiation of a long-term transport system investment program that will enable Lahore to make a greater contribution to national development, while improving in the quality of life for the city residents, including the poor.
The project outcome will be an investment project design and financing agreed upon by the Government and ADB.The ADB assistance provides a key intervention of the long-term partnership between ADB and Pakistan for the development of Lahore's transport sector. This project also supports a recruitment of a transaction advisor to help formulate, structure, and take to the market a public-private partnership (PPP) for the first priority line of a proposed rapid mass transit system (RMTS) in Lahore.
The transaction advisory work will also be carried out in three phases: preparation, implementation, and negotiation. During the preparation phase, the transaction advisor will carry out technical and legal due diligence, design the detailed structure and terms of the transaction, market the transaction with potential investors, and develop pre-qualification and bidding documents as well as the necessary contracts.
During the implementation stage, the transaction advisor will assist the Government in obtaining any approvals and permits required, pre-qualifying potential investors, carrying out the bidding process, evaluating proposals, awarding the contract and holding negotiations, with lenders.
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