Pakistan seeks $2.5 billion consortium financing for ML-1 as ADB takes lead

Pakistan is looking to raise about $2.5 billion from a group of international lenders to build the Main Line-1 (ML-1) railway, according to The News. The Asian Development Bank is expected to lead the arrangement and could lend more than $1 billion, while the Asian Infrastructure Investment Bank and the World Bank are also likely to take part. A senior government official said the funds would be pooled from multiple lenders, and Economic Affairs Minister Ahad Cheema separately confirmed the requirement, with the money to be drawn in instalments.

Completion of the ML-1 design is targeted for October 2026, after which procurement and other implementation steps would follow. During a meeting with an ADB delegation, Cheema discussed progress and focused on finishing the design along with preparatory requirements. He also asked for ongoing reviews of the timetable, so timelines could be cut where technical, legal and procedural steps allow.

The line was first envisaged close to two decades back as part of the National Trade Corridor, when ADB was among the likely financiers, and later joined CPEC at Islamabad's request. A financing deal could not be concluded between 2014 and 2026, and ADB is again expected to take the lead as Pakistan moves ML-1 from planning to construction.