ISLAMABAD: Pakistan is seeking investment from ÂÜÀòÊÓÆ” and the United Arab Emirates (UAE) to modernize its aging railway network, with officials estimating that $2.5 billion is needed for an upgrade of the key MultanâLahore section, Railways Minister Hanif Abbasi told Arab News this week.
The South Asian nationâs railway system, much of it dating back to the 19th-century British colonial era, has long awaited large-scale modernization. Successive governments have looked to foreign partners to finance improvements, with projects promised under the ChinaâPakistan Economic Corridor (CPEC) still largely stalled.
An overhaul of more than 1,800 kilometers of track has been billed as the centerpiece of a $60 billion CPEC package first announced in 2015, but no financing deal has materialized. Meanwhile, the Asian Development Bank has separately signaled interest in funding rail upgrades, including a $2 billion KarachiâRohri project, according to recent reports.
âI am going to ÂÜÀòÊÓÆ” for two days on October 19-20. I am going to the UAE from September 30 to October 2, and I am going to France on October 24. All these things are related to railways,â Abbasi said. âSo, we will meet the Saudis there and try to have Saudi investment, because this is the right time for every country, for every investor to invest in Pakistan Railways.â
Asked what proposals Pakistan would extend to ÂÜÀòÊÓÆ”, Abbasi said:
 âI think that if they come to MultanâLahore [route], or LahoreâRawalpindi, it is an offer from us.â
He said Pakistan would present a buildâoperateâtransfer model to potential Gulf investors.
âWe have a model: builtâoperate transfer. We will give them that place for 25 years. We will give them that section. They will come and talk to us.â
Abbasi said similar proposals had been offered to the UAE.
âWe have offered them to invest in Multan and Lahore. We need around $2.5 billion for Multan and Lahore,â he said.
The minister also confirmed meetings with officials of Mashreq Bank, a Dubai-based institution that recently launched Shariah-compliant digital services in Pakistan. While Mashreqâs immediate focus has been on digital banking, Abbasi said discussions had included possible rail sector opportunities.