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17 February 2024

HomeLatest NewsRussia, UAE to invest in Pakistan Railways

Russia, UAE to invest in Pakistan Railways

Russia, UAE to invest in Pakistan Railways

Russia, UAE to invest in Pakistan Railways

ISLAMABAD: (Suno News) Russia and the United Arab Emirates (UAE) have decided to invest $1 billion in Pakistan. Both countries will invest heavily in Pakistan Railways.

According to the details, Russia has announced investing $66 million for the upgradation of the Quetta-Taftan railway track.

The railways minister during a visit to Russia in December 2023 concluded the preliminary discussions on investment in Pakistan Railways.

The ambassador of Pakistan to Moscow was asked to continue further progress on this investment.

The UAE has also decided to invest $35 million in the goods transport sector of Pakistan Railways. The UAE will build a freight corridor at Pepri in Karachi.

The Ministry of Railways is in touch with the governments of both countries. The investment agreement between Russia, the UAE, and the Government of Pakistan will be signed in the next two months.

It is to be noted here that China is the largest foreign investor in Pakistan. The country has invested a total of $93 million in Pakistan in six months. The largest investment from China came in the energy sector.

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