Loan worth $71 million approved by AIIB for the new mass transport plan in Karachi

The deadline set for the completion of this mega project is by the end of 2023.

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AIIB

 

A loan worth $71 million was approved by AIIB (Asian Infrastructure Investment Bank) for the new mass transport plan in Karachi. It is stated that it will provide affordable and efficient public transport in the biggest city of Pakistan.

Asian Infrastructure Investment Bank is a multilateral financial entity sponsored by the Chinese government that has a goal of supporting the infrastructure building in the region of Asia-Pacific.

A main red line corridor of 24.2 kilometers, a common hallway of 2.4 kilometers as well as bus rapid transit lines (BRT) scattered in the center of the city are a few activities planned under this mega project. Other than that, there would be feeder services and off-corridor direct routes that will connect the corridors and the community.

The project is around $503.33 million

As mentioned by the analysts, the cost of this project is around $503.33 million. According to the financing plan, $235 million would be provided by Asian Development Bank, $71.81 million would be paid by French Development Agency, $37,20 million would be granted by Green Climate Fund, and $75.71 million would be contributed by the Sindh government.

This project would be launched by August next year 2020, and it is said to bring groundbreaking changes in Karachi’s public transport system. It is something that will reduce travel time in Karachi and provide economical, accessible and high-quality mass transport in the provincial capital.

The deadline set for the completion of this mega project is by the end of 2023.

It’s been expected that this mass transport plan would be able to accommodate more than 300,000 passengers on an everyday basis. Also, it will increase the average speed of commercial buses up to 25 kilometers per hour on the bus rapid transit lines, and since, the CNG hybrid vehicles would be used, it will reduce the yearly greenhouse gas emissions.

The current system of transport in Karachi has been considered unfit for the proposed purpose as it is characterized by time-consuming routes, an increase in private modes of transportation, a significant reduction in public transport, and poor traffic management.

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