$71m Loan Approved for Karachi Mass Transport Plan
Islamabad: The Asian Infrastructure Investment Bank (AIIB) has recently approved a loan of $71.81 million for the Karachi Bus Rapid Transit Red Line project. This project will provide a sustainable, effective, and efficient public transport system in the provincial capital.
The AIIB is a new Chinese-sponsored multilateral financial institution that vows to support the building of infrastructure in the Asia-Pacific region. The institution accorded the approval during a meeting of its executive board held at its headquarters in Beijing.
The components and planned activities under the project are a 24.2 km road and a 2.4 km section of the common corridor along with all bus rapid transit (BRT) lines. Off-corridor direct and feeder service routes connecting the corridor to communities; with the establishment of BRT operations, including procurement of compressed natural gas-hybrid fleet and systems are also a part of the project.