PR Committed to Complete KCR Project by 2011

ISLAMABAD: Karachi Urban Transport Corporation (KUTC) has submitted documents to Securities and Exchange Commission of Pakistan (SECP) Karachi for company registration as the first step to revive Rs 60 billion worth Karachi Circular Railway (KCR).According to Pakistan Railway (PR) officials, railway was committed to complete the controversial and most delayed project by 2011.

They said, Wilson Railway submitted revalidation report of KCR last month and this month a meeting of steering committee under Chairman Railway, Kashif Murtaza, besides Member Finance, Member Technical, Assistant General Manager, Infrastructure and Business Unit (IBU) would access and examine the revalidation study.

Railway officials told Environment Impact Study of KCR would be carried sight to sight, if steering committee would be satisfied with the revalidation report, the PC-1 of the project would be initiated and at the same time a request of loan of $872 million would also be submitted to Japanese government.

He hoped the loan would be a soft loan, as these types of railway projects do not fall in category of commercial projects world over. The official hoped that if every thing remains the same the KCR project would be completed in 30 to 36 months