ADB keen to modernise Railways

ISLAMABAD: Asian Development Bank (ADB) has shown interest in mutual cooperation with Pakistan Railways to modernise its infrastructure, rolling stock and human resource management.

This was discussed during a meeting between ADB Director General for Central and West Asia Werner E Liepopach and Ministry of Railways Chairperson Parveen Agha, a statement said on Monday.

ADB representative shared that despite recent developments, the railway sector needed to exalt its infrastructure to provide more inexpensive transport services and recover the market share lost to roads.

The projects of up-gradation of Risalpur Locomotive Factory; procurement of new locomotives and freight company were also discussed in the meeting. ADB also showed interest in co-financing.

Werner explained that ADB finance will be the seed money to bring in the commercial financing. “This co-financing will be done through public private partnership,” he added. ADB will play an active role in identifying and arranging commercial co-financing initiatives of Pakistan Railways.